ASCO Group
Annual Report and Accounts for the year to December 31st 2009
· Group performance held up well during very tough trading conditions
· Total Revenue for year was £391.8m (2008: £451.9m)
· Revenue adversely affected by significant drop in average fuel price and reduced vessel rates
· Operating Profit at EBITDA level £27.2m (2008: £27.2m)
· Cash flow from operating activities was strong at £27.1m (2008: £22.7m)
· Continued investment in Capital Expenditure despite global downturn
· New Joint Ventures agreed in Norway, Holland and North of Scotland
· Record safety levels achieved in UK, Caspian and Canada
Aberdeen based ASCO Group, the International energy logistics specialists, has announced its trading results for the year to December 2009.
Despite a difficult trading environment caused by the Global Economic conditions, resulting in a downturn in Oil and Gas E&P activity, profits at EBITDA level held up well at £27.2m - in line with the 2008 figure.
Turnover for the year was reduced mainly on the back of a drop in the oil price - significantly impacting on the average fuel price and reduced vessel rates during 2009.
ASCO Group continued to invest heavily in Capital Expenditure, ensuring the Group has the infrastructure in place to take full advantage of future growth opportunities.
New Joint Ventures in Norway, Holland and North of Scotland, ensures the Group both achieves maximum efficiencies for customers, and strategically positions the Group for further expansion of its international business.
The Group’s strong safety performance continued into 2009 with record safety records achieved in the UK, Caspian and Newfoundland in Canada.
ASCO Group Chief Executive Billy Allan said, “2009 could be seen as a defining year for ASCO. We started with a global lack of certainty and markets suffered a liquidity crisis unknown in recent years. It would have been easy to bury our heads, however, we took the initiative to continue investing in our people and infrastructure – ensuring the long-term sustainability of our business”.
He added, “There is no doubt that 2008 was a good year for ASCO. Given the economic backdrop in 2009, it is a testament to the strength of our business that we have produced a set of results at the EBITDA level that are in line with 2008. This also reflects the commitment of our staff who work tirelessly to deliver greater standards of service to our customers, safely”.
Chairman Mike Salter said, “Despite the downturn, the ASCO Management Team took an entirely positive and optimistic view of the future. The team have remained focused on the long-term ignoring much of the noise around short-term fluctuations in the business cycle. Although the overall environment remains challenging, the positioning we undertook during 2009 should bear fruit in the short to medium term as the market eases and opportunities present themselves”.
ENDS
Further information from:
David Wallace on 01224 564771
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