MEMBER NEWS: Peterson reports a positive 2021 financial performance

October 4, 2022
MEMBER NEWS: Peterson reports a positive 2021 financial performance

Leading international energy logistics company, Peterson Energy Logistics (Peterson), part of the Royal Peterson and Control Union Group, today announced its consolidated results for the 12 months ending 31st December 2021.

Peterson reported revenue of £249.3m for the year, and £1.8m operating profit, compared to a breakeven result in 2020. The company announced it is positioned to deliver improved financial performance again in 2022 as demand for its energy logistics services continues to increase.

Overall, 2021 saw a significant increase in activity as the energy sector emerged from the confines of the COVID-19 pandemic. Quayside tonnages and fuel sales increased significantly in 2021 helping the organisation to continue its improving underlying financial performance. During the year, the company segmented its UK operations into eight new operating entities to better focus the management and delivery of services to its broad UK customer base.

At the start of 2022, Peterson appointed Sarah Moore as CEO and established a new leadership team responsible for daily operations and the strategic direction of the business.

Commenting on the group’s performance Sarah Moore, CEO of Peterson, said: “We’re pleased to report a significantly improved financial result in 2021, as we reflect on our collective achievements throughout the year.

“Our focus remains on delivering industry-leading logistics solutions to support our clients’ operations with safety, innovation, and efficiency at the core of our service offering.

“The leadership team is driving substantial improvements across all aspects of our business, in particular our safety culture and ambitious environmental targets as we strive to meet the expectations of our ‘Goal Zero’ programme. We also work collaboratively with our existing customers to embrace the challenges of energy transition. We continue to make strategic investments, secure opportunities in the renewables sector and target diversification as we grow the business and strengthen the Peterson brand.

“We are proud of the efforts of all our people and thank them for their collective efforts in safely delivering our services and helping us achieve a positive result in 2021.”

Peterson continues to significantly invest in enhancements to its Lighthouse suite of digital applications and other supporting technologies. Part of its renewables strategy saw the company form a joint venture with Coast Renewable Services to establish Coast Offshore which will provide integrated services to the offshore wind sector.

Peterson also expanded into Australia opening an office in Perth in line with the company’s strategic growth plans. The company was later announced by Kimberley Marine Support Base Pty Ltd (KMSB) as the operator of the Kimberley Marine Offloading Facility in Broome, Western Australia. The $AUD160 million facility will provide new supply chain options to numerous industries, offer lower movement costs, reduce carbon emission options, and minimise risks through shorter distances to offshore oil and gas operations. Once the facility is built operations are set to begin in 2024.

Peterson has a robust sustainability road map and is set to achieve carbon-neutral status across all 27 sites in seven countries under the PAS2060 accreditation scheme at the end of 2022. Through the implementation of various initiatives so far, Peterson has seen a 42% reduction in total emissions, and remains on track to reach net zero operations by 2025. The company is committed to playing its role in the energy transition, supporting clients with their sustainability targets, and reducing emissions in supply chains.

Some of Peterson’s initiatives include the use of a blend of electric and HVO-powered forklifts, the use of environmentally friendly fuels in cranes and trucks, utilising wind, turbine and solar power to operate facilities and the use of advanced technologies to achieve optimal planning in the supply chain to minimise the movement of goods across locations.

A new staff initiative has also been introduced as part of Peterson’s net zero framework by joining the Pawprint pioneer programme – an online tool and app, which allow users to measure, understand and reduce their carbon footprint.

Sustainability is integrated into Peterson’s social responsibility (CSR) programme, ‘Dare to Care’, and is based on four robust sustainability pillars: customers, employees, environment, and community. Each pillar represents a social aspect of the company it aims to uphold to demonstrate a positive role in the communities and wider society it operates in.

Peterson is part of the wider family-owned Royal Peterson and Control Union Group, which has a presence in more than 70 countries and over 100 years of experience in logistics, quality, certifications, and risk management. The group’s services cover all aspects of the supply chain across many industries including agriculture, energy, forestry, sustainability, and textiles.

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