M&C Energy to exploit opportunities in global market

M&C Energy, the Dunfermline-based consultancy group, is making its first assault on the huge US market as it continues to make strong progress towards a £60 million turnover target.

The company, which was founded as McKinnon & Clarke but changed its name following its acquisition by private equity business Lyceum Capital in 2010, will tomorrow announce it is setting up bases in Atlanta, Georgia and in Tucson, Arizona.

The expansion comes as the company’s newly filed results show turnover jumped to £37.4 million in the year to 30 June, compared to £14.1m in the previous eight month period with earnings before exceptional items of £7.5m.The US openings give the company a foothold in a market where deregulation of the energy sector is creating big opportunities for energy procurement services.

M&C, which now has 19 offices in 13 countries, is also opening an office in Brisbane, Australia, following its recent acquisition of Creative Energy which already had offices in Melbourne. It also plans to open its first New Zealand office in the New Year.

The company, which works with clients to save on energy buying and through energy efficiency, has a near-term turnover goal of £60m through organic growth and acquisitions. As well as buying Creative Energy last financial year, it also bought German consultancy ETT.

M&C Energy, which Lyceum acquired a majority stake in with a £22m deal, now has 400-plus employees including over 100 based in Scotland and works with 3,500 clients with an annual energy spend of £6.25 billion. Chief executive Mark Dickinson said the latest moves “clearly indicate our intention to strengthen our position as a global company and market leader”.