Organic growth, acquisition and internationalisation key to Global Energy Group’s success

The Global Energy Group today issued an upbeat forecast for the current year after announcing strong annual results for the 2007/08 financial year.

At £99 million, the group’s turnover for the year to April 2008 was up 43 per cent on the previous year and, at £6 million, profitability increased by 200 per cent on 2006/07. 

Announcing the results, Global’s chairman Roy MacGregor confirmed the group’s turnover was on course to reach around £130 million in the current year.

Mr MacGregor said that while there was no room for complacency, the results and current buoyant trading gave the platform and confidence to continue with the group’s growth strategy.

He said: “The success we achieved in the last financial year stems from a robust strategy of organic growth, acquisition and internationalisation.

“That is an approach we are continuing to vigorously pursue and I am confident that we are on course to achieve our targets in the current year.”

Formed in 2005, with main offices in Aberdeen and Inverness, the Global Energy Group is a contracting and service-based company supporting the international energy industry and other industrial sectors. Encompassing 10 companies, the group’s principal activities are: engineering; fabrication; rig repair and inspection; resource management; supply chain solutions and; pipeline services.

At the end of the 2007/08 financial year the group acquired Aberdeen-based international oil and gas industry inspection and testing company Reel Group. With bases in Houston and Trinidad, the acquisition of Reel represented another major milestone in Globe’s programme of internationalisation.

Significant investment in the group’s people and facilities were made during the year. This included major upgrading of offices, plant and equipment at Evanton-based fabrication and engineering company Isleburn. There was further development of IT systems and back office and corporate services for Global’s family of companies.

The group also took steps to tackle the widely recognised skills shortage in the engineering and construction sectors with the establishment of the Global Training Academy at Isleburn, in partnership with the North Highland College. Towards the end of the year the academy saw its first intake of 25 people to be fast-tracked through SVQ qualifications in welding, plating and pipe-fitting.

During the year the group’s membership of the Royal Society for the Prevention of Accidents was followed by receipt of the society’s prestigious Silver Award.

Mr MacGregor added: “Our people are our greatest asset and that will always continue to be the case as we evolve further as a company.

“Our core principles and commitment to excellence of service, workplace safety, the environment and the communities we work in remain as firmly held as ever as we continue to develop.”

Last month the Global Energy Group unveiled a fresh brand image featuring a new logo and orange and silver corporate colours. As part of the rebranding the group also launched a new website: www.gegroup.com