Reservoir Group Ranks in List of Profit-Growing Companies
Reservoir Group has been ranked in the Sunday Times PricewaterhouseCoopers Profit Track 100 for the third consecutive year. The Group, which specializes in the downhole drilling, completion and production sectors, is one of only nine Scottish companies to appear on the list which recognizes Britain’s 100 private companies with the fastest-growing profits.
The annual league table illustrates Reservoir Group's significant contribution to the local economy over the last three years of latest available audited accounts - despite the economic downturn. It is a testimony to Reservoir Group's acknowledgment by main oil operators and national oil companies for superior quality dedicated product and services.
The Group has made a string of acquisitions and effectively doubled in size in 2008 after buying five companies in Australia, America and Britain. Profits have surged by 71% each year from £3.7million in 2005 to £18.3million in 2008.
"We are delighted that Reservoir Group has once again featured on this prestigious list," said Group finance director Rick Clark. "This is a significant achievement for Reservoir Group and its continuously growing staff, despite the backdrop of the economic downturn.
"Our increasing profit margins demonstrate the success of our service-orientated approach. This allows us to engineer new specialized products and services, many of which are already being successfully implemented on major international projects with several others in the pipeline."
Reservoir Group's ranking in the industry-recognized league table comes just three months after the Group leapt from Number 44 to 8th position in the Sunday Times Deloitte 100 buyout track - Britain's listing of fast-growing private equity-backed stars.
The Group's success is attributed to its organic growth strategy of acquiring niche, independent market-leading companies including Corpro, Kirk Petrophysics, Storecore, Dowdco, Extreme, InfoAsset and Omega Data Services.
Mr Clark said, "As the Group continues to grow, we have advanced the technologies that we have acquired and are now developing their worldwide distribution. We also continue to reap the benefits from synergies within the Group because of the diverse but complementary range of expertise that each company has to offer."