Ferguson Group Highlights 2009 Results
The Ferguson Group has posted its 2009 results, showing turnover up 20% to £36million giving it a pre-tax profit of £13.5million for the year.
Commenting on the Group's results, Group Finance Director Mike Melville said, "The 2009 growth reflects the continuing significant investment we are making in our rental asset fleets both here in the North East of Scotland and at all the overseas locations we operate from. Nearly 75% of our revenue now comes from outwith the UK market and we expect this rising trend to continue."
The Group expects to invest close to £75million in the next three years and a large proportion of this new investment will be in further expansion in overseas operations.
Mr. Melville said, "Our main focus will continue to be provision of a wide range of containers and engineering and accommodation modules at the key logistics hubs that we operate from around the world. We are also investing in new Group Headquarters at Midmill in Kintore, where our Module Rental business will also relocate to around the start of 2011. Our Manufacturing Division will continue to operate from Inverurie. The new facility will also house our new Accommodation Support Vessel division."
The Ferguson Group is investing £20million in its first accommodation support vessel which is currently being outfitted in Port Glasgow and will be available for charter from September.
The new division is seen as a logical extension to the flexible accommodation solutions offered by the Ferguson Group's module business, which also has a range of accommodation complexes and work space units available for rental. The company has plans to build additional ASVs suitable for energy industry operations in any global location as opportunities arise.
Mr. Melville said, "This is a very exciting period for the Ferguson Group and one in which we expect to continue to build upon the strong internationalization the Group has already achieved. We have made a good start to 2010 and are starting to see increasing demand coming through in all the markets we operate in which underpins the ambitious investment and growth plans we have for the company."
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