Profits jump 20% as Alba powers up

International growth and a boost from the oil and gas market helped profits jump more than 20% in 2018 for an Aberdeenshire gas turbine company.

Alba Power, based at Netherley near Stonehaven, posted pre-tax profits of £7.5m, up from £6.3m in 2017.

Turnover also increased 18% from £28.8m to £34m, according to the accounts published on Companies House.

Alba is a specialist in sale and repair of industrial marine gas turbines and employs around 80 people, the majority being in Aberdeenshire.

The company saw improvements in the oil and gas, power turbine and global energy markets.

Among the highlights for the year was a major contract award with an energy supplier in Canada.

General Manager and director Neil McKenzie expects the upwards trend to continue.

He said: “We’re expecting to see continual growth in 2019. We’ve had a strong start to the year already and we’re just expecting this growth to continue.

“We’re out there chasing customers and we’d like to expand more in Asia and continue what we have been doing over the last 10 years really.

“We do have a long-term contract out in Vietnam but there is room for expansion in that market.

“The main set of our business has been doing quite well.”

The firm works around the world, in the UK, Australia, Americas, Middle East and Europe, with offices in Houston and Canada as well as Netherley.

The Middle East had the largest increase in turnover at £7.9m, up from £2.7m in 2017, while UK work increased to £7.8m from £4.8m the previous year.

The Americas brought the largest contribution of £8.6m.

Oil and gas, which makes up around a quarter of the Alba’s work, saw a decent pickup compared to the doldrums of 2015.

Mr McKenzie added: “We’re doing well in Europe, the Middle East and America which have all seen strong business.

“Oil and has picked up during 2018, considering the drop it took in 2015.

“It was starting to get better in 2017, but 2018 has seen quite a pickup in the North Sea work.”

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Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
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