08/10/2018

EnerMech Secures Ranking In Sunday Times Top Track 250

EnerMech has been ranked in the top 60 of British private mid-market growth companies, according to the Sunday Times Grant Thornton Top Track 250 league table.

The Aberdeen-headquartered integrated mechanical and electrical services specialist was one of 11 new Scottish entrants to the rankings, which measures companies growth by sales and growth and profitability criteria.

The twenty Scottish companies featured in the list showed combined sales of £4.48 billion, with EnerMech the second highest ranked Scottish firm (£361 million revenue to December 2017) after Edinburgh-based house builder Miller Homes (£675 million).

EnerMech’s ranking in 52nd place in the British table comes after the company last week posted global profits of £43.6 million, up by £19.3 million on 2016, and increased revenue of almost £100 million in the same period.

EnerMech chief executive officer, Doug Duguid, predicted that 2018 revenues would continue to grow to around £430 million with EBITDA in the region of £59 million, from a combination of the continued revival in the company’s traditional oil and gas markets and diversification in to new sectors.

He said: “We are delighted to be in the mix with Britain’s top performing growth companies and the Top Track 250 ranking echoes our strong financial performance in 2017 which we expect to continue in succeeding years.

“Our home North Sea market is on a sounder footing and we are witnessing increased activity and demand for our services. We envisage building on our successes in Australia and the US, not just in the energy sector but over a range of large-scale infrastructure projects which are in the pipeline and where we can offer our suite of integrated services.”

EnerMech employs 3500 staff across 40 locations in the UK, Norway, the Middle East, Caspian, Asia, Africa, Australia and Americas, and has evolved in to one of the world’s leading integrated mechanical and electrical contractors serving the oil and gas, LNG, renewables, defence, power, infrastructure and petrochemicals sectors. 

The Top Track 250 is sponsored by Grant Thornton and Lloyds Banking Group and compiled by Fast Track, the Oxford-based research and networking events firm.

Andrew Howie, Partner at Grant Thornton UK LLP, praised the companies

for their performance: He said: “Advances in robotics and artificial intelligence, the pervasive challenge of cybercrime, and the uncertain impacts of Brexit are among the significant issues facing Britain today.

“If we are to continue turning innovative ideas into businesses with international scale, we all need to play our part in shaping a vibrant economy that thrives. In this, the role of the mid-market is crucial. Resilient despite the headwinds, the Top Track 250 are innovating, winning business and adapting to generate value. There is much to learn from them.”

The Sunday Times Grant Thornton Top Track 250 complements the Top Track 100, published in July, which features Britain’s private companies with the biggest sales. It ranks the next 250-biggest companies by sales, provided they meet certain growth and profitability criteria. The 250 companies grew combined sales by 18% to £66.7bn, operating profits by 27% to a record £6.4bn and employees by 10% to 435,000.