Stable Services sees turnover soar to £28m
ABERDEENBASED oilfield products business Stable Services has grown fourfold since its buyout at the end of 2006, new figures today revealed.
The latest annual accounts reveal that turnover has soared from £7 million to £28m, generating earnings before interest, tax, depreciation and amortisation (Ebitda) of just over £4m. Stable Services was acquired by Stable Holdings, which was set up by Northeast entrepreneur Rod Coffey, in December 2006. The aim was to capitalise on the growing global demand for drilling equipment.
Stable, which employs about 80 people in Aberdeen, went on to acquire the trade and assets of Rig Services International last summer. The enlarged business also has subsidiaries operating in Norway, Libya, Canada and the Middle East. Total turnover is forecast to reach £45m by the end of 2008.
Coffey, who is chief executive of Stable Holdings, said: "We have effectively transformed the business. A new management team and more effective and robust processes were shortly followed by increased rental capability in the form of Rig Services’ business."
He added: "We are looking at another two strategic overseas locations and our strong financial position means that we can do so with relatively low gearing."
Original source : Business.Scotsman.com
