The Ferguson Group has reported rapid growth in 2007 with turnover rising by 45% to over $55 million, giving record pretax profits of more than $17 million.
This is the first time the Ferguson Group has reported results integrated across divisions. The move follows the restructuring of the Ferguson Group in January 2007, resulting in four subsidiary companies, Ferguson Modular Ltd and Ferguson Seacabs Ltd in the UK, Ferguson Norge AS in Norway and Ferguson Seacabs Pty Ltd in Australia.
As well as consolidating existing strengths in the offshore oil and gas sector, Ferguson Group focused strongly on international growth, resulting in major contract wins in locations worldwide including USA, Australia, Caspian and West Africa and targeted the renewables sector, with significant contracts to provide large-scale accommodation complexes for offshore windfarms.
Ferguson Modular Ltd has recently delivered an accommodation complex to house 24 personnel to Corpus Christi, Texas, for Aries Offshore Services. The units will be taken by the company to the Gulf of Mexico for use by end user Pemex.
The Group has invested almost $30 million globally in a fleet expansion program for its modular and container divisions which has seen fleet numbers expand to over 10,000 containers and more than 200 modules to meet unprecedented levels of demand from clients worldwide.
Significant appointments have been made within the Ferguson Group board and its subsidiary companies over the last 12-18 months, strengthening its senior management team. More than 130 people are employed across its operations - at its Scottish HQ (Inverurie, Aberdeenshire) and at 10 locations worldwide, covering all major global oil and gas centers, including the US, Trinidad, Australia, West Africa, the Middle East and Scandinavia, as well as the UK.
"There are huge opportunities on offer in the energy sector globally and our focus over the last 12 months has been on growing our international operations to give our customers the best possible service," Steven Ferguson, Group Managing Director said. "This is the first time we have reported our results as a group as a whole and we are doing so to reflect more fully the global nature of our organization today. We aim to continue to grow over the coming year and have set the divisions in the group ambitious, achievable targets for structured expansion. We will support this with investments of over $120 million across the divisions over the next three years."
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