A Dundee headquartered group providing a range of integrated manufacturing solutions has revealed ambitious growth targets.
Angus Gray, the new chief executive of West Pitkerro Industrial estate based Pryme Group, hopes to add more than 160 new jobs to the 240-strong workforce by 2020 as the company moves deeper into the oil and gas, defence and aerospace sectors.
Mr Gray – who took over as CEO in January – said he expected turnover in the current financial year to April 2018 to top £19 million and expected that figure to continue to rise in the coming years.
“Firstly, I’m extremely pleased to have been given the responsibility of taking Pryme Group forward through its exciting growth plans,” he said.
“The new leadership team we have in place here, with wide-ranging experience honed over many years, positions the business perfectly to achieve our objectives over the coming years.
“My fellow directors and I are fully committed to diversifying the business further by extending existing premises, investing in new, purpose-built facilities and developing a new one-stop shop service, including surface treatment and machining, aimed specifically at the defence and aerospace sectors.”
Details of the new growth strategy come just weeks after accounts for Pryme – which has seven distinct companies including GA Scotland Precision Engineering within its group umbrella – revealed a £2.54 million loss from revenues of £12.58m in the year to March 31,2016.
The company said it recorded revenues of £16m in the immediate past financial year and expects a further uplift of around 20% to north of £19m in the current period.
The group said growth over the coming years would come from a combination of organic means and bolt-on acquisitions.
Pryme said it would also look to expand its operations into new markets in Europe and the Middle East in the coming years.
The new management team also features chief financial officer Frank Watson and strategic commercial director Murray Kerr.
Mr Kerr joined the group when his Aberdeen-based engineering company SengS was bought out by Pryme in November for an undisclosed sum.
He will focus on exploiting new business development opportunities.
“We have identified clear gaps in these key markets where our expertise and capabilities can bring the greatest benefit to clients the length and breadth of the country.”
Pryme is majority-owned by Simmons and Company International’s private equity fund, which was established in 2008 to support the growth of small to medium-sized energy service businesses and currently has £160million under management.