Global Energy boss and Ross County FC chairman Roy MacGregor celebrates big birthday and strong growth and prospects for his business group
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Global Energy Group (GEG), a major player in Ross-shire, has reported a strong financial performance with 25 per cent revenue growth in the year to March 2022.
And on his 70th birthday today (Thursday) group chairman and founder Roy MacGregor said: “We are really upbeat moving into 2023.”
GEG say it has performed well in an ever-evolving energy landscape within the UK, supporting the governments energy security, decarbonisation, and green energy policies. The company has seen also an increase in turnover for the period ending March 2022, achieving group revenue of £225 million compared with £182 million in the previous fiscal year.
The group’s earnings before interest, tax, depreciation, and amortization (EBITDA) declined from £16 million to £14.2 million. The adjusted EBITDA reported was £14 million considering discontinued operations, the costs of restructuring and reorganisation of the business during this period as the group shapes its operations to support current and future market conditions.
The increase in group revenue is attributable to an increase in activity supporting nuclear, offshore and onshore wind projects as well as growth in the offshore production market. Sustained growth in the renewables sector supporting major capex projects including the SeaGreen wind project as well as supporting oil and gas production maintenance efficiencies has allowed the group to stabilise its revenue base and profitability and retain a strong balance sheet to take advantage of future investment and growth opportunities.
The group continued to invest significantly during the period with further investment into the Port of Nigg facility with the addition of 225 metres of additional quayside and general enhancements to the site, as well as investment in overhead supporting the positioning of the business to be ready for future opportunities the energy sector is set to offer.
GEG continues to focus on a number of ongoing strategic initiatives at the Port of Nigg and digital technologies offshore which will allow it to play a significant role in the energy transition moving forward.
CFO, Gordon Farmer commented: “The group has recovered well from the impact of the Covid pandemic and changing energy market dynamics.
"We continue to invest capital organically and in growth opportunities to support our energy transition strategy and creating a sustainable revenue stream which will position the business for future growth.”
He added “We are already seeing the impact of our investment decisions with our March 2023 revenue forecasts on course to surpass pre-pandemic trading levels.”
Despite the business seeing a decline in profitability in the year, chairman Mr MacGregor remains positive that the continued investment will generate future opportunities for the group and is pleased with the speed the business reacted to the changing landscape in the energy sector.
He remains focused on how the business is positioning itself for the future market growth, supporting its customer base and supporting the Scottish and UK energy transition journey.
Mr MacGregor said: “We have built our diverse portfolio of companies in such a way that allow us to react quickly to market conditions which has been invaluable as we deal with the impacts of the governments energy policies and the changing demands of our customers.
"Our continued investment in people, our entrepreneurial culture, skills, and experience have allowed us to identify opportunities to support the energy market and we are confident that the business is positioned for future growth.”
GEG Capital Investments, GEG controlling parent company investor also reported its results for the period to March 31 2022, which saw sales growth of 33% with revenue growing from £216 million to £289 million on a consolidated basis.
Mr MacGregor added: “GEG Capital Investments is also continuing to invest and grow at pace with a number of the businesses able to complement GEG’s growth aspirations.”
