Turriff's ACE Winches reports healthy financial results
TURRIFF-BASED ACE Winches has reported turnover of £28 million, despite the continued impact of the pandemic, as it today announced its financial results.
The company, which recently saw the return of founders Alfie and Valerie Cheyne, reported a pre-tax profit of £3.2 million in the results for the year ending March 31, 2021.
As well as the appointment of a new leadership team, ACE Winches recently announced a restructure to address new markets and new geographies, as it repositions itself to compete in the changing energy sector.
The restructure will result in around 16 workers being made redundant across several departments at its Turriff headquarters, where 155 people are employed.
Mr Cheyne, who founded the firm in 1992 and returned to head the new leadership team in November, said: "The positive financial results are a sign of things to come for the company.
"We have exciting plans for the future of ACE, which includes evolving to meet the needs of a changing market and achieving our objectives of diversification and geographical expansion.
"The results announced today give us a solid foundation to build from.
"Going into the new year, we have a strong order book and have had a steady stream of significant inquiries.
"We have invested heavily in our rental fleet over the last two years, with more than £5 million being allocated to it. This is an indication of a shifting demand from industry, and we will continue to invest in our rental pool."
ACE Winches chief financial officer Alastair Scott said: "The last two years have been challenging for all companies, but we are pleased with the financial performance of the business, which has exceeded budget expectations.
"We have developed a strong plan for future success addressing both existing and new markets, which has been supported by investors, and we are looking forward to delivering that in the months and years ahead."
ACE Winches is a global leader in supporting offshore and coastal installation, heavy movement and removal activities. The company has almost 2000 pieces of kit, a training academy and purpose-built facilities.
