Aberdeen-based Balmoral Group has reported a robust financial performance for the year ending 31 March 2024, with pre-tax profits increasing to £10.3 million from £9 million, despite a slight reduction in overall turnover.
The company’s strategic shift from traditional oil and gas towards renewable energy has been instrumental in its financial growth.
Balmoral Comtec, a subsidiary, demonstrated remarkable progress with an 87% increase in renewable energy turnover, positioning the group ahead of its £40 million revenue target.
With over 800 employees globally, Balmoral Group has shown strength across multiple divisions. Balmoral Tanks and Blaze Manufacturing have both reported positive growth, complementing the renewable energy sector’s performance.
In a significant move, the group acquired the prestigious Marcliffe Hotel and Spa in Aberdeen. Plans are underway for a comprehensive refurbishment that will modernise the facility while maintaining its historical character.
Under Sir Jim Milne’s leadership, Balmoral Group continues to demonstrate resilience and strategic adaptability, successfully navigating the transition towards more sustainable business models.
