• Group attracts additional investment to develop international growth strategy
• Total revenue for the year was £626.5m (2010: £516.7m)
• Profit at EBITDA level £30.1m (2010: £29.2m)
• Operating Profit before exceptional items £18.5m (2010: £17.3m)
• Private Equity Partners Doughty Hanson take majority shareholding
• Signs of confidence return to the industry
• Won contract from Northern Territories Government to build $110m Marine Supply Base in Darwin, Australia
• Further safety milestones achieved across the Group
• Waste Management arm (Enviroco) developed first effective reduced man-entry tank cleaning system
• Freight Management business wins major international award recognising ASCO's support to BP during Macondo clean-up campaign in GoM
• Regional hub established in Singapore
ASCO Group, the international energy logistics specialists, has announced its trading results for the year to December 2011.
As confidence started to return to the industry, the company witnessed an increase in turnover to £626.5m, with EBITDA rising to £30.1m. A large proportion of the Group's revenues move with the oil price and vessel rates. 2011 saw a significant increase in the average oil price. The increase in revenue has a minimal impact on profits. Safety milestones continued to be achieved across the Group.
On 31st December 2011, ASCO was acquired by Doughty Hanson. Due to the structure of this deal a number of one-off charges arose, which were completely unconnected to trading, resulting in a pre-tax loss of £10.8m.
Group Chief Executive Billy Allan said, "2011 will be viewed as perhaps the most significant in the history of ASCO. We secured substantial additional investment which will allow us to continue with our ambitious 10 year growth plan and grow to double our current size.
"The year also saw an increase in the levels of confidence throughout the industry although the impact of the prior year's downturn continued to drag on our activities during the early part of 2011. Generally we saw a strong finish to 2011, and this has continued into 2012.
He continued, "The world's demand for energy continues to grow and this opens up new opportunities for our industry as a whole and ASCO in particular, as our clients focus on less accessible areas of exploration and production in order to satisfy demand – deep sea deposits, oil sands and shale oil all become viable at commodity prices that, by all accounts, seem set to remain at relatively high levels. We will continue to grow our business on the international stage. This will be achieved through expansion in our four key global regions – Americas, Europe, MENA and South East Asia. In parallel, we are increasing our service lines adding real value to the services we already provide".