EnerMech boosts group profits

04 February 2016

Doug Duguid, CEO of UK-based EnerMech

Doug Duguid, CEO of UK-based EnerMech

Mechanical engineering group, EnerMech, grew revenue by 27% in 2014 with turnover rising to £258.9 million from £202.5m, while profits (EBITDA) increased from £14.2m to £26.7m.

In the latest accounts to December 2014 lodged at Companies House, EnerMech’s UK division pushed up revenue on the previous year from £131.5m to £141.7m and recorded profits after tax of £4.5m.

Chief executive officer, Doug Duguid (pictured), said that the Aberdeen, Scotland-headquartered group revenues in 2015 would be in line with what was achieved in 2014, a performance with which he was pleased against a depressed oil price.

Duguid said: “We are working in a challenging environment given the continuing decline of the oil price, with most customers focussed on reducing operating costs.

“Our multi-business line integrated offering puts us in a good position to respond to the industry’s call for greater co-operation and we are finding common solutions which can greatly increase efficiency.”

He said EnerMech had witnessed a drop in activity in harder hit regions during 2015, including the UK sector, but was continuing to invest in infrastructure and extend market share in other regions where growth opportunities existed.

He added: “We expect it will be the latter part of 2017 at the earliest before the downturn eases but we have plans in place to address this and as we enter 2016 we are fortunate that we have an international infrastructure and strong back-log of projects in the pipeline.

“We have identified growth potential in Africa, Middle East, Caspian and the Americas and will draw upon lessons and expertise gained in mature areas such as the UK and Norway to maximise those opportunities.”

EnerMech employs 2,300 people and operates from 35 UK and international bases, providing seven main business lines to the oil and gas sector, including cranes and lifting, hydraulics, equipment rental, training, valves, industrial services and process, pipeline and umbilicals.

Latest News
Nova Permits purchases Secure Specialized
Nova Permits and Pilot Cars has acquired the assets and the integration into its operations of all services offered by Secure Specialized.
SC&RA elects 2024-2025 leadership
The Specialized Carriers & Rigging Association announces its leadership slate for 2024-2025, led by new president J Rozum. 
Another record quarter for Herc Rentals
Equipment rental revenues up 10% over 2023 Q1