Private-equity backed manufacturing firm, Pryme Group, has strengthened its senior management team with the promotion of a key figure and the addition of an experienced industry professional to equip the business for future growth.
Dundee-headquartered Pryme Group, which provides integrated manufacturing solutions to the oil and gas industry, has announced that Murray Kerr has been promoted from commercial director to the newly-created role of chief operating officer (COO).
Murray founded Aberdeenshire-based engineering firm SengS before Pryme acquired a majority stake in November 2016. As COO, he will be responsible for developing the group’s long-term growth strategy by streamlining the business to make it more efficient, reduce costs and improve processes.
He said: “I am delighted to have been given the opportunity to take on this new and exciting role where I can continue to play a vital role in the company’s success. With the support of the rest of the management team, I am confident that we are well-placed to achieve our objectives as the market recovers.”
In addition, Kerrie Murray has joined Pryme as chief financial officer (CFO), having enjoyed more than 10 years working in the oil and gas industry. Latterly, she was director of international finance at Forum Energy Technologies where she was responsible for a team covering six international locations and the drilling and subsea segment.
Kerrie, a chartered accountant and graduate from the University of Aberdeen, will be predominantly based at the company’s SengS operation in Ellon and will play a pivotal role in supporting the continued growth experienced by Pryme over recent years.
Kerrie Murray said: “I am extremely pleased to have joined a progressive organisation in Pryme Group that has ambitious plans to establish itself across multiple industry segments, both in the UK and internationally.
“I look forward to overseeing the finance team partner closely with operations and management in order to add real value to all areas of the business to ensure we take full advantage of the group’s undoubted potential.”
Pryme Group, which aims to become a major player across the oil and gas, defence and aerospace sectors, recorded sales orders of £17.5million for its March 2018 year-end – a 23% increase on its previous financial year.
The business, which currently employs around 200 people, is targeting significant growth by the end of 2020 through a combination of organic growth in the UK and overseas as well as strategic acquisitions that will complement the group’s existing portfolio and further extend service capability for its customers.
Angus Gray, CEO of Pryme Group, said: “With increased levels of activity in the oil and gas industry, Pryme Group has seen greater demand for its services from customers in this sector which has resulted in revenue growth of over 20% in the last financial year and order backlog for the group has risen by more than 40% year-on-year.
“Our strategy of continuous investment reflects the confidence held by the company and puts us in a strong position to capitalise on opportunities as the recovery in oil and gas gains traction, whilst building upon our presence in other industries such as aerospace and defence.”
In January, the business announced the creation of a new engineering services division in Tyneside. The 58,000 sq. ft manufacturing centre, developed for an initial £9.5million, will be fully operational later this year and will house an initial 75 personnel alongside best in class machinery and multiple complementary services to allow the firm’s customer base to bring innovative products to market.