Significant increase in turnover provides ACE Winches with solid foundation for growth
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Turriff headquartered ACE Winches has announced a strong financial performance for the year ending March 31, 2022 – reporting an increase in turnover and a substantial increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) from £5.5 million to £7.6m, laying the foundation for future growth around the world.
The company, which earlier this year announced the opening of ACE Winches Inc. in Houston, Texas, reported a pre-tax profit of £4.5m, while there was also a slight increase in turnover to £28.3m.
ACE Winches Chairman Alfie Cheyne, who, in 2021, returned to the organisation he founded, said the performance gives the company a strong platform to build from.
He said: “We are pleased with how the business has performed in what, once again, have been challenging circumstances for everyone.
"It has been a strong performance which bodes well for the future.
“We have continued to invest in the business and the people that make it as successful as it is.
"In this reporting period we have made an additional investment of £1.3m in our rental fleet in line with our twin objectives of diversification and geographic expansion.
“It has been a year marked by significant growth and change – growth in the renewables market and a change in how we interact with our customers.
"This provides an exciting challenge that we are able to meet thanks to our specialist rental fleet and expertise in traditional energy, as well as in renewable energy construction and installation.
“We have seen an increasing demand for offshore floating wind in different regions globally, and our ability to harness the potential that brings for ourselves and clients can only lead to further success.
“We have a long tradition of focusing on the environment, and I am proud to say we reached our goal to be carbon neutral in this past year, with operations at our headquarters having been conducted using wind power.”
Chief Financial Officer Alastair Scott added: “The increase in EBITDA excluded one-off costs associated with change of ownership in November 2021, while the figures for the year to March 2021 have also been restated to reverse the effects of a previous financial impairment which is no longer required.
“The positive EBITDA results demonstrate the success of the business strategy and allow continued investment into the rental fleet.”
Valerie Cheyne, Chief Compliance Officer, said: “We have reintroduced our very successful craft and modern apprenticeship schemes and further increased our Graduate Engineer numbers providing significant opportunities in energy engineering for fresh, quality talent across the north-east of Scotland and beyond.”
Increasing demand for safe high-quality products and operational delivery in North America and the Middle East has propelled the company’s international strategy and operational activities, which are expected to further strengthen the group’s financial results in 2022/23.
As part of that ambition, ACE has formed a subsidiary company in the United Arab Emirates, ensuring the range of high-quality services from concept design through to manufacture, equipment rental and further support, is delivered globally.
Chief Commercial Officer Gary Wilson said: “Our continued growth in the renewables energy sector, along with the opening of our Houston facility and expansion into the Middle East, are indicators of our strategy going forward, as we place a focus on areas of opportunity where our capabilities and solutions single us out as a contractor of choice.
“We have a strong reputation that has been built up through our commitment to innovation and investing in our people and services over the last 30 years, and we are looking forward to bringing that expertise to more of our customers in North America and the Middle East, as well as markets we already serve.”
With more than 3000 rental assets, a training academy and purpose-built facilities in the UK and Norway, ACE Winches is a global leader in lifting, pulling and deploying solutions across multiple sectors.
