A Fife firm that manufactures and maintains electrical motors and generators has plugged into more success under its new owners.
Parsons Peebles of Rosyth has achieved a 52% increase in revenues for 2014, fulfilling a prophecy it would generate an improvement after being bought by an industrial investment vehicle of billionaire Scottish businessman Jim McColl.
The previous year revenues were down 10% and profits fell by almost £1 million to £214,559, but the company said these figures covered the period of the takeover by Mr McColl’s Clyde Blowers Capital.
They had the aim of growing Parsons Peebles into a world leader in the service and manufacture of bespoke, “non-catalogue” electrical machines for the oil, gas, petrochemical, mining and power industries.
That year saw a restructuring of the group and purchase of the complementary Preformed Windings of Sheffield for bolting on to Parsons Peebles to add value.
Director Frank Barrett said that, with a new banking facility for £2.5m in credit and a term loan of up to £1.3m, the company was set for a major expansion.
That mission is being achieved with increased revenues from more orders and an increase in workforce at Parsons Peebles from 47 to 60.
“Our final accounts for 2014 will be published later this year and they are looking very good,” said marketing director Robin Tait yesterday.
“We have been busy looking at various large acquisitions, some of which are likely to close this year, and diversifying into other markets.
“These will be transformative and could see the group’s revenues multiply by a factor of four or more.”
The 52% increase in revenues was driven by sales in the core oil and gas market and two large overseas orders included new motors worth nearly $1 million for a US nuclear power station and high voltage motors worth almost £500,000 for the Philippines mining industry.
A new development receiving increasing interest is a special storage facility at Rosyth for clients to protect their investments from corrosion and other expensive damage.
The progress is being spearheaded by two new directors.
Kerr Picken from Coupar Angus has been made strategic business development director with the role of identifying future acquisitions, and Nairn Black from Dundee has joined as financial controller.