ACE Winches has reported an increase in turnover to £28.3m, while earnings before tax also rose from £5.5m to £7.6m year-on-year.
The Aberdeenshire-headquartered company's results for the year ending 31 March 2022 also showed a pre-tax profit of £4.5m.
Chairman Alfie Cheyne, who in 2021 returned to the organisation he founded in 1992, said the performance gives a strong platform to build from.
“We are pleased with how the business has performed in what, once again, have been challenging circumstances for everyone.
“We continued to invest in the business and the people that make it as successful as it is - in this reporting period we have made an additional investment of £1.3m in our rental fleet in line with our twin objectives of diversification and geographic expansion.“
Cheyne continued: “We have seen an increasing demand for offshore floating wind in different regions globally, and our ability to harness the potential that brings for ourselves and clients can only lead to further success.
“We have a long tradition of focusing on the environment, and I am proud to say we reached our goal to be carbon neutral in this past year, with operations at our headquarters having been conducted using wind power.”
Chief financial officer Alastair Scott stated: “The increase in EBITDA excluded one-off costs associated with change of ownership in November 2021, while the figures for the year to March 2021 have also been restated to reverse the effects of a previous financial impairment which is no longer required.
“The positive results demonstrate the success of the business strategy and allow continued investment into the rental fleet.”
Valerie Cheyne, chief compliance officer, added: “We have reintroduced our very successful craft and modern apprenticeship schemes and further increased our graduate engineer numbers providing significant opportunities in energy engineering for fresh, quality talent across the north-east of Scotland and beyond.”
Increasing demand for products and operational delivery in North America and the Middle East has propelled the company’s international strategy and operational activities, which are expected to further strengthen the group’s financial results in 2022/23.
As part of that ambition, ACE formed a subsidiary company in the United Arab Emirates, while also opening ACE Winches in Houston, Texas, during 2022.
Chief commercial officer Gary Wilson explained: “Our continued growth in the renewables energy sector, along with the opening of our Houston facility and expansion into the Middle East, are indicators of our strategy going forward, as we place a focus on areas of opportunity where our capabilities and solutions single us out as a contractor of choice.”
ACE Winches specialises in lifting, pulling and deploying solutions across multiple sectors, with more than 3,000 rental assets, a training academy and facilities in the UK and Norway.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
