ACE
Winches has announced a strong financial performance for the year ending
March 31, 2022 – reporting an increase in turnover and a substantial increase
in EBITDA from £5.5 million to £7.6m, laying the foundation for future growth
around the world.
The
company, which earlier this year announced the opening of ACE Winches Inc. in
Houston, Texas, reported a pre-tax profit of £4.5million, while there was also a
slight increase in turnover to £28.3million.
ACE Winches Chairman Alfie Cheyne, who,
in 2021, returned to the organisation he founded, said the performance gives
the company a strong platform to build from.
He said: “We are pleased with how the
business has performed in what, once again, have been challenging circumstances
for everyone. It has been a strong performance which bodes well for the future.
“We have 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 £1.3million in our rental fleet in
line with our twin objectives of diversification and geographic expansion.
“It has been a year marked by
significant growth and change – growth in the renewables market and a change in
how we interact with our customers. This provides an exciting challenge that we
are able to meet thanks to our specialist rental fleet and expertise in
traditional energy, as well as in renewable energy construction and
installation.
“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
added: “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 EBITDA results demonstrate
the success of the business strategy and allow continued investment into the
rental fleet.”
Valerie Cheyne, Chief Compliance
Officer, said: “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 safe high-quality
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 has formed
a subsidiary company in the United Arab Emirates, ensuring the range of
high-quality services from concept design through to manufacture, equipment
rental and further support, is delivered globally.
Chief Commercial Officer Gary Wilson
said: “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.
“We have a strong reputation that has
been built up through our commitment to innovation and investing in our people
and services over the last 30 years, and we are looking forward to bringing
that expertise to more of our customers in North America and the Middle East,
as well as markets we already serve.”
With
more than 3,000 rental assets, a training academy and purpose-built facilities
in the UK and Norway, ACE Winches is a global leader in lifting, pulling and
deploying solutions across multiple sectors.
See pictured from left: Gary Wilson, Valerie Cheyne, Alfie Cheyne and Alastair Scott.