Six in a row for Air Energi as profits surge

AIR Energi Group, the Manchester recruiter that specialises in the oil and gas industry, has reported strong sales and earnings growth.

The business said gross profits were up 27% to £44m, on revenues of £385m, up 33% in 2013. A pre-tax profit figure was not available and the accounts have not yet been filed at Companies House.

The numbers reflect the delivery of an “unrivalled service, global reach and end-to-end delivery capability”, according to the firm which was sold by Palatine Private Equity to a management team backed by LGV Capital two years ago.

It now has some 136 people based in Manchester and a further 461 around the world. Since the year end the company has expanded in the US to service the shale energy industry and acquired the recruitment firms Inspirec and Kitco, based in New Zealand and South Korea respectively.

Chairman Ian Langley said: “Acquisitions are part of our strategic armoury to deliver growth. Air Energi’s acquisition of Inspirec presents significant opportunities for our workforce solutions in what is a relatively uncontested and rapidly growing energy market.

“Meanwhile, Kitco presents oil and gas operators using Korean shipyards with a compelling case to consider Air Energi as a trusted partner for the complete project lifecycle. It also provides us with a springboard for further expansion into North Asia. We are actively pursuing further acquisitions and are now looking to expand into Africa and China, with a focus on LNG projects in particular.”

Air Energi said it is continuing to win contracts with major operators such as BG Group and Statoil.

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