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ASCO Group releases annual report

August 12 - UK headquartered international oil field services company ASCO Group has issued its trading results for 2012.

Total revenue for the year was up by 11.2 percent over FY 2011 to GBP678.3 million (USD1.05 billion), with EBITA increasing by 21 percent year-on-year to GBP36.5 million (USD56.5 million). Operating profit after exceptional items grew 210.2 percent to GBP18.3 million (USD28.33 million).
 
A large proportion of ASCO Group's revenue is dependent on oil prices and vessel rates - and 2012 saw a continuation of what ASCO described as 'solid' oil prices.
 
ASCO Group was acquired by Doughty Hanson on December 11, 2011 and since then a number of key acquisitions across the group have taken place including: NSL Training Services in Aberdeen; Oniqua Software Services, Australia; and three oilfield support services firms based in Alberta, Canada.
 
The acquisitions have supported ASCO Group's global development strategy - to become a major force in the oilfield services sector by widening its product offerings, and expanding its geographical footprints across the Americas, Europe, Middle East, Africa and Australasia.
 
In June, ASCO appointed Matt Thomas its ceo for the Australasia region. Key managerial structure changes and a widening of service offerings to include strategic consultancy, training and certification, and state-of-the-art inventory management software applications supported Thomas' appointment.
 
ASCO Group executive chairman Billy Allan said: "This has been a defining year for ASCO. Whilst the end of 2011 saw our new investors come on board, 2012 was a year of major activity in terms of implementing our growth strategy.
 
"The fundamentals for the sector remain very positive but the development of shale oil and gas will continue to have an impact on the industry and we are monitoring these developments closely with a firm eye on exploiting these opportunities both at home and abroad."
 
www.ascoworld.com

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