ACE Winches announced its financial results for the year ending March 31, 2021 – and reported turnover of £28m, despite the continued impact of the CV19 pandemic.
The company, which recently saw the return of founders Alfie and Valerie Cheyne, reported a pre-tax profit of £3.2m.
Mr Cheyne, who returned to the business at the head of a 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 £5m 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.”
With almost 2,000 pieces of kit, a training academy and purpose-built facilities, ACE Winches is a global leader in supporting offshore and coastal installation, heavy movement and removal activities.
As well as the appointment of a new leadership team, the company also recently announced a restructure to address new markets and new geographies, which will allow it to compete in the changing energy sector.
That restructure will result in approximately 16 positions being made redundant across several departments at its Turriff headquarters, where 155 people are employed.