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Centurion Group forecasting a solid 2022 after reversing losses

Centurion Specialist Services
Centurion Group chief executive Fernando Assing

Energy services firm Centurion Group reversed major year on year losses to finish 2021 on a solid financial footing.

And the company is forecasting an “even stronger year to come”, based on the initial figures for the start of 2022.

In its full year 2021 results, Centurion posted pre-tax profits of $12.9 million, compared to losses of $35m in 2020.

Revenue increased by 35% to $398.4m, up from $295m in 2020, during a year “significant strategic progress” for the Dyce-headquartered company.

That has been augmented by a “strong start to 2022”, with revenue and adjusted ebitda for the first quarter of the year ahead of Q1 2021 by 71% and 75% respectively.

And the firm anticipates that higher levels of activity in end markets will continue through the remainder of the year.

Centurion has continued its acquisition spree from 2021, acquiring Canlift Crane, RMEC Group and Trido Energy Services in recent months.

And while the “macro-economic environment remains challenging”, the company believes it is “well positioned to enhance its position as a global leader” in the supply of rental, infrastructure and support services to the energy industry.

Fernando Assing, chief executive of Centurion, said: “I am very pleased with the significant financial and strategic progress we made in 2021 and the very encouraging results achieved in Q1 2022, which may suggest an even stronger year to come.

“We have delivered a strong financial performance, further improved our liquidity and have implemented our acquisition strategy with a number of exciting acquisitions which have expanded our product and service offering into more technical and environmentally sustainable offerings. The progress made across our various businesses reflects our people’s ambition, dedication and commitment to sustainable growth. We will continue to pursue acquisition targets and to explore opportunities in new geographies and new products and services on a selective basis.

“We remain committed to helping our clients and partners achieve their commercial and sustainability goals. The Group’s diverse range of capabilities coupled with its global footprint presents a good platform for further growth and we are excited by the opportunities ahead.”

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