Multi-millionaire boss of International Vitality Group (GEG), Roy MacGregor, is concentrating on new nuclear energy contracts because the UK authorities pushes forward with plans for a £20 billion funding within the Sizewell C challenge in Suffolk.
The Inverness-based agency goals to win extra work in UK nuclear following the completion of a latest fabrication contract on Hinkley Level in Somerset, a £48bn challenge that’s comparable in scope to Sizewell and which is ready to begin producing energy in 2031 after a number of years of delay. Each are led by French power agency EDF (PAR:EDF).
“The federal government has simply given the go-ahead to Sizewell and we hope to be concerned,” stated MacGregor.
“It’s at early phases, however we’re one among solely two contractors which might be in a position to do nuclear within the UK.”
The group’s father or mother firm, International Vitality Capital Investments, posted pre-tax earnings of £14.6 million within the 12 months to March 31 2024, a big droop from £21.5m within the 2023.
A big fall in turnover – from £369m in 2023 to £253.7m in 2024 – was put right down to coming off of a “very busy monetary 12 months” through which the agency delivered the large-scale contract on Hinkley Level. The group additionally accomplished a big marshalling challenge for Seaway7 on the 1GW SeaGreen Offshore Wind farm off the coast of Angus which was not replicated in its most up-to-date monetary 12 months.
The group, which operates throughout quite a lot of places in Scotland, gives companies throughout the renewable sector supporting offshore and onshore wind farms and power grid upgrades whereas persevering with to assist oil and gasoline initiatives.
GEG stated it had improved margins regardless of the drop in earnings significantly in its logistics companies, together with crane companies, wind initiatives and port companies. These divisions supported wind initiatives in Scotland and Eire, together with EDF’s 450MW Neart na Gaoithe (NnG) offshore wind farm in Fife.
© Provided by EDF RenewablesThe agency added its enterprise concentrating on the North Sea oil and gasoline market continued to see a interval of decrease capital spend as “confidence within the sector remained challenged”.
The agency offered its stake in Aberdeen-based brownfield enterprise International E&C, now renamed as Nexos, to non-public fairness agency SCF Companions in 2023, though it continued to assist purchasers within the North Sea.
It added its earnings is now “weighted in favour” of low carbon power work having been beforehand “extra centered as a hydrocarbon companies group”.
MacGregor, who based GEG in 2005 and can be chairman of Ross County FC, stated the group continues to paved the way in supporting the nation’s power transition.
He was constructive concerning the group’s 2024 accounts and stated it had been a “robust buying and selling interval” .
The 71-year-old entrepreneur stated a income hike to £330m is forecast for GEG in 2025.
He stated development in turnover was already translating to development in jobs this 12 months.
This follows a 586 drop in whole workers; from 2,307 final 12 months, to 1,721 in 2024.
Renewables will profit the Highlands
GEG continues to maximise the alternatives that freeport standing brings to the Port of Nigg, which it owns and operates.
© Provided by SSE RenewablesIt stated Nigg has “firmly established itself as Scotland’s premier offshore marshalling renewables hub” having delivered seven initiatives to this point together with the 588MW Beatrice offshore wind farm, Ocean Wind’s Moray East (950MW) and West (882MW), along with SeaGreen.
Its infrastucture enterprise which helps grid improvement additionally has a “wholesome” pipeline following a 12 months of development.
“There’s a momentum and that’s coming from offshore and it’s additionally coming from onshore, significantly from transmission,” stated MacGregor.
“SSEN are spending £30bn on new infrastructure from Orkney, Shetland proper right down to Perth and that’s going to create a very affluent time for this space.”
The chairman stated a shift to renewables will profit the Highlands group.
Nonetheless, MacGregor stated extra motion and assist is required from authorities to develop the renewable power trade.
“They’re asking for personal sector funding, however they want to ensure the incentives are proper after they try this,” he added.
“When oil and gasoline got here originally of the 70s it was very a lot with authorities and worldwide assist.
“Scotland has a lot wind, we have to get a little bit of assist to pump prime the trade. That doesn’t essentially imply cash.”
MacGregor stated it meant an important deal to him to assist the Highland financial system and that he was impressed his workforce.
“All the nice concepts come from the underside, not the highest,” he stated.
“As a Highland boy having publicity to a really vibrant oil and gasoline market and the worldwide company world then coming again right here, I see a lot expertise in Scotland; however we have to imagine in ourselves.”
© Provided by GEGThe enterprise additionally made 5 acquisitions since its 12 months finish, together with a majority stake in Invergordon-based inspection specialist, Aventus Vitality, and consultancy, Crestwood Environmental.
GEG Capital chief monetary officer Rory Mackenzie stated: “Our acquisition technique focuses on integrating complementary companies that strengthen our capability to influence the UK’s web zero targets.”
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