Global procurement specialists to the energy industry, Craig International, has reported over 60% growth in turnover and almost doubled its profits for the year ending April 2023.
The accounts lodged by Craig Group Limited, the holding company for Craig International and its international subsidiaries, reveal that turnover has grown from £116m to £188m in 2022 – 2023. Operating profits have risen from just over £1m to £2.7m in the period.
Almost 80% of turnover is attributable to international operations with significant growth coming from existing and new customers in North America and the Middle East.
Craig International supports the energy industry’s drive towards net-zero through a suite of sustainable and technology-driven platforms which demonstrate the role procurement can play in reducing carbon emissions. Their customer base now includes producers of cleaner, greener energy as well as upstream and downstream oil and gas.
During the year ending April 2023, Craig International invested in new headquarters in Aberdeen. The 10,000 square feet of modern, energy efficient space in the Granite City has doubled the size of their former offices.
Chairman of Craig Group, Douglas Craig, said: “These results underline the success of our investment in expanding our business into regions where there is the strongest growth potential. We have been investing in and committing to on-the-ground resources to provide the most cost-efficient, sustainable and quality end-to-end procurement solutions to existing and new customers.
“Our approach, combining over 25 years procurement experience with innovative digital platforms, not only delivers efficiencies for our customers but has also resulted in stronger margins for the group which has enabled us to increase operating profits despite negative exchange rate movements and increases in interest rates and costs.”
“On the back of success in North America and the Middle East, we have been exploring opportunities in the fast-growing energy markets in Australia and South East Asia. In the current financial year, we have invested in two new bases in Singapore and Perth, Western Australia.
“The North Sea, which accounts for around £40million of our revenues, has seen improved market conditions and we have retained our leading position, commanding about 70% of the market.”
With 160 staff, Craig International has a global network of pre-qualified suppliers, and over100 procurement specialists in ten countries, providing cost-effective and efficient third- party procurement.