International expansion lifts results for ACE Winches

10/08/2023
Valerie Cheyne, Chief Compliance Officer at ACE Winches, and Alfie Cheyne, Managing Director.

Scottish engineering business ACE Winches has reported an outstanding financial performance with a near-50% increase in turnover to £42 million according to newly released Company accounts.

OPERATING in more than 50 countries, ACE Winches works in partnership with clients across the oil and gas, marine, renewable energy and decommissioning industries to provide fully integrated packages for a wide variety of challenges.

Subscribe to our daily newsletter

Why? Free to subscribe, no paywall, daily business news digest.

The award-winning business, which is headquartered in Aberdeenshire, reported a rise in EBITDA to £16.1m, up 112% on last year’s performance of £7.6m, with turnover increasing 49% from £28.3m to £42m.

Now in its 31st year of trading, ACE Winches has experienced higher levels of activity and investment from repeat customers in traditional energy markets, alongside growth in decommissioning activities in Brazil, and renewable energy projects in the UK, US, Taiwan and Europe.

Investment in its in-house manufactured hire equipment fleet in the year to March 2023 saw an increase of £300,000 from the previous year to £1.6m. The significant rental fleet now includes 20 new environmentally-friendly electric and low emission diesel power units using biodegradable hydraulic fluids, further endorsing the Company’s net carbon neutral status.

The business also recently announced the opening of a new hub in the Middle East as part of its global growth strategy, adding to existing physical locations in the US and Norway.

Founder and CEO Alfie Cheyne said: “While we are best known for the design, manufacture, and hire of lifting, pulling and deploying solutions, at heart we are an engineering company. We have a team of over 200 highly experienced individuals, who take on client challenges and transform them into creative, innovative, world-leading solutions.

“Our business has become ever-complex and our involvement with clients much earlier in project scope and design, combined with the dedication and hard work of the team has driven the uplift in our performance.

“We have built an enviable reputation of delivering the highest standards of heavy lifting and pulling through quality products and applications to our customers and excellent financial performance is an illustration of this. “We have spent the last three years supporting construction at Dogger Bank, the world’s largest offshore windfarm, off the coast of Yorkshire. We have grown our business to better support renewable energy projects worldwide and will continue to innovate in this sector to ensure continued success.”

The latest stories