Bank switch cost Air Energi £2.8m

AIR Energi, the fast-growing specialist recruiter for the oil and gas sectors, took a £2.78m hit after changing banks and refinancing.

The Manchester company which has offices in more than 25 countries worldwide, and is owned by Palatine Private Equity said said the large one-off  item, stemming from its move from Barclays to HSBC would benefit it in the long term.

Referring to the “large one off exit cost from its incumbent bank” Air Engeri said: “The board felt that despite this large cost the move to a bank that fully supports the group across the globe was strategically important to the continued growth and success of the group and that was in the best interests of the group in the long-term.”

Before the one-off charge operating profits for 2010 rose 17% to £5.5m on sales up 15% at £152.7m. Bottom line profits were £1.9m against £3.4m in 2009.

This year Air Energi has continued to expand, opening second offices in Russia and Kazakhstan and most recently launching a base in Iraq.

Turnover by geographic market reveals growth is being driven by demand in the Asia-Pacific and North America/ Canada territories.

In Asia-Pacific turnover was up nearly three-fold, from £9.1m to £27.1m. In North America/Canada there was also strong progress with sales of £20.6m against £11.6m in 2009. Growth in these locations more than compensated for a £7m fall in turnover in Europe and the UK to £105m.

Describing the 2010 performance as ‘strong’ the directors said they expect further progress this year: “Activity in the sector continues to be strong and we remain confident that, with our global reach and the quality and breadth of our service offering, this will result in continued strong growth in 2011.”