Aberdeen-based Lifting Equipment Rental, a specialist in lifting equipment for hire and sale, has reported a forecasted 50% increase in turnover year-on-year.
As a result the firm, based on Aberdeen’s Commercial Quay, plans to grow the team and also continue to invest in its rental fleet during Q3/4.
Pre-recession the company enjoyed a healthy turnover of £556,000 to the end of September 2014, this started to decline with a turnover of £446,000 to the end of September 2015 and a dramatic drop in turnover to the end of September 2016 with a turnover of £213,000. As the market shows signs of recovery, expected turnover to the end of September 2017 is £320,000.
John Aitken, owner of Lifting Equipment Rental, says, “As stated in Oil & Gas UK’s 2017 Business Outlook report, this year will be a critical year for the industry as companies look to consolidate and build upon the cost and efficiency gains secured in the last two years. The upturn in oil price has coincided with signs of confidence slowly returning to the basin. Since the rapid decline in oil price, every operator and associated service company has been tasked with ensuring efficiency savings are being made across the industry. As a supply chain company, we backed this whole heartedly and have been working hard to offer every client the most cost efficient options when it comes to rental of equipment for projects.”
John continues, “This has paid dividends in the considerable increase in our turnover during the first half of this year. We were optimistic from the outset of 2017 and invested five-figures in our fleet at the beginning of the year, with further investment coming through a three-year programme, for the complete upgrade of our hydraulic ram and pump fleet. We also look forward to growing the team this year as a result of our business success.”
“We strived to remain optimistic during tough times over the last three years but we also used the downturn to plan, to better our processes, market our business and help our clients as much as we could. We urge the rest of the supply chain to do so also, with a view to inspiring others to be the backbone of support for our industry.”
John concludes, “We are confident that the sector is on its way to recovery and together we can ensure a healthy and profitable energy industry once more. We will continue to commit to a first-class provision for the energy industry and our clients.”