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ASCO has reported strong results and a return to profit, following significant investment in its people, its global footprint and in innovation to increase efficiencies and reduce carbon emissions for its clients.
The Aberdeen headquartered company, which provides integrated logistics and materials management across the globe, has lodged accounts for its year ending 31 December 2021 which reveal a £72million increase in turnover from £347m to £419m. Operating profits, before exceptional items, have more than doubled, rising from £4.7m in 2020 to £13.1m.
Despite the backdrop of the on-going Covid-19 pandemic and extreme pressure on the energy sector, ASCO’s continued commitment to its clients, through improving strategic relationships and investing in solutions which deliver efficiencies and support the drive to net-zero, has resulted in significant growth.
In this financial year, ASCO established a new operating location in Senegal. As the sole provider of quayside management services to the newly established Senegalese oil and gas industry, this base presents significant scope for future growth in country and across the wider region. Initial success in Senegal has led to expansion plans in other regions later this year.
ASCO also expanded its presence in Canada, opening a third site in New Brunswick to strengthen its downstream capabilities in North America.
To support the continued growth, ASCO has recruited personnel across its new and existing locations, bringing the total global headcount to over 1,400.
ASCO group chief executive officer, Peter France said: “It has been a challenging time for the sector, amidst the global pandemic and industry challenges as the sector strives to achieve net zero targets, but I’m very pleased to report that ASCO has delivered a solid financial performance.
“While the coronavirus travel restrictions proved challenging for over 18 months, we were still able to open two new and successful operating locations in Senegal and Canada and continued to grow our established sites and networks across the globe.
“Our fundamental obsessions of safety, service excellence and sustainability are well embedded in the business and are the cornerstones of our offering to customers.”
ASCO has committed to net-zero greenhouse gas emissions by 2040 and is actively implementing changes to the business to reduce its carbon output across all three CO2 emission scopes. The drive to decarbonise its operations with the latest technology is well underway, improving sustainability standards in the industry and exemplifying best practices.
Demonstrating commitment to being a key partner in the energy transition, ASCO has successfully supported new energy operations for multiple wind projects across the United Kingdom and Norway, as well as work in Carbon Capture Utilisation & Storage (CCUS) and blue ammonia.
Mr France added: “Our new operating models and innovation have enhanced our service and supported our retention and extension of several key contracts, markedly growing our UK market share.
“Following a successful first quarter in 2022, we are exceptionally well-placed for continued growth. Through the expansion of our international operations and diversification our service into new sectors including carbon capture and offshore wind, we will accelerate not only our own energy transition but our clients’ as well.”