ACE Winches Reports Increase in Turnover

ACE Winches, the deck machinery specialists, reported turnover of £35.4million for the year ended 31 October 2013, a 14% increase on the previous year.

The proportion of the company’s business generated from international projects remained at 74%, with the mix changing to reflect increased activity within the Middle East, Caspian and Asia Pacific regions.

Earnings before interest, tax and depreciation for the year (EBITDA) was £9.1million.

In 2013, ACE Winches was named winner of the Sunday Times Profit Track 100 Ones to Recognise award and ranked 100 on the Sunday Times International Track 200 league of Britain’s private companies with the fastest growing international sales.

Strong financial performance provides ACE Winches with continuing confidence to make significant financial investment in both assets and people within the group.

The scale and capability of the hire fleet has again been extended through capital expenditure of £2.7million in-line with specific and market customer requirements. This together with a rigorous ongoing maintenance program ensures the hire fleet is best in class.

Commenting on performance for the latest financial year, Chief Executive Officer, Alfie Cheyne, who founded the business in 1992, said: “The ACE Winches growth story is built on providing highly engineered products and a first class service to meet the specific requirements of our blue chip customer base. It is through our track record of delivery and long term relationships that we have been able to successfully expand the business internationally – a strategy we remain committed to.”

There was also further investment of £1.7million in the development of the group’s 24 acre campus at Towie Barclay Works near Turriff to provide capacity for further growth and expansion. Internationally, ACE Winches Norge added to their existing base in Stavanger by securing quayside premises at Karmsund Service Base. The Karmsund base enables ACE Norge to offer enhanced services to Norwegian clients including its most recent technological development – Reel Drive Systems.

Significant developments within the ACE Winch Academy provides for world class safe lifting solutions training for clients and coordinated ongoing personal development programs for existing employees across all areas of the business.  New employees, with specific skill sets, have also been added to supplement and enhance team competencies. The investment in these initiatives has resulted in the average number of employees increasing by 17% to 295 employees.

Alfie Cheyne continued: “Growth provides ACE with an ability to invest in our people as well as the local and wider communities in which we operate.

“We are passionate about the development of young people through our business. During the 2013 financial year ACE yet again increased our intake of modern apprentices. At the financial year end, we had 55 apprentices employed on a four year programme covering technical, craft and business administration skills.  In addition to this, we also had nine graduates undergoing the ACE graduate engineering scheme and a further 11 engaged in a trainee program.”

ACE Winches, has recently become the first organisation ever to achieve the Investors in Young People (IIYP) accreditation. It is the only people management standard that focuses on an employer’s recruitment and retention of young people, which launched this month in partnership with the Scottish Government.

The firms commitment to the North-Aberdeenshire economy and local services is further demonstrated in its four-tier corporate social responsibility strategy covering health and safety, environment, community initiatives and employee wellbeing.

Mr Cheyne said: “As a major employer in the North-east of Scotland, the company recognises the influence it has on the local economy and community. We are committed to ensuring ACE continues to be a dynamic, rewarding and safe environment for all those that work here. For us, growth and investment go hand-in-hand, and the long term is set to remain strong.”

Press Release, July 16, 2014