The ATR Group has announced strong financial results for its first full year under management ownership -- growing turnover by more than 20% to £17million and posting pre-tax profits of £403,000.
Gross turnover to the year-end October 2008, has increased from £14million following the firm's acquisition in a management buyout in 2007, putting the group in a strong position to further develop its core activities.
The ATR Group is the market leader in the rental of specialized tools and equipment for the offshore oil and gas industry operating throughout the UKCS, and the Caspian region.
The Group comprises five divisions -- ATR Tool Rental, ATR Plant Services, ATR Lifting Services, ATR Engineering and ATR Caspian -- all of which are capable of providing the oil and gas sector with a combined and individual range of products and services.
Managing director Keith Moorhouse says the group has built a solid foundation upon which to take advantage of, and develop, further opportunities which the market will present as confidence and investment in the sector grows again.
"We are announcing what are excellent results for our first year however, like everyone else in the marketplace that is tempered by the change in circumstances which hit global business in late 2008 and throughout 2009," said Moorhouse.
"Throughout this period, our strategy has remained constant, which is to maintain our market-leading position throughout the UKCS and Caspian, whilst preparing for growth across existing and new sectors."
The ATR Group was acquired with investment from Aberdeen Asset Managers and RBS Structured Finance, and earlier this year announced the arrival of Mike Salter -- Chairman of the Scottish Chambers of Commerce, ASCO and Ferguson Modular Limited -- as non-executive Director.
The Group expanded its international capabilities through the acquisition of Bridon International’s business in both Aberdeen and Baku, Azerbaijan and invested in developing its lifting services business.
"When we acquired the business our strategy was to expand at home and overseas largely by acquisition and to date, we have purchased two businesses," said Moorhouse.
"In the current climate, we have re-focused our strategy to concentrate on developing our core rental business in the UKCS and the Caspian and on generating new business in the renewable energy sector."
Moorhouse added, "We continue to develop our staff, to ensure that the ATR Group are able to meet the increasing demands of our clients both at home and overseas as we fully appreciate the pressures the economic climate has brought to bear.
"With the expertise we have across the group, allied to the complementary support services which come as part of the package, we are aiming for sustained growth at home with a view to international expansion as the economy settles."
The ATR Group operates an integrated quality management system, featuring ISO:9001 accreditation across all group companies.