Aberdeen’s Balmoral Group boss Sir Jim Milne is toasting another year of positive results for his business.
Turnover at Balmoral hit £132.4 million during the 12 months to March 31 2024, a small decline from revenue of £136m in the 2023 financial year.
However, pre-tax profits rose to £10.3m, up from £9m the previous year.
The company said it “demonstrated continued improvement in profitability” and praised the impact of transitioning in to new markets.
Sir Jim, who celebrates his 84th birthday today, became the proud owner of the iconic Marcliffe Hotel and Spa earlier this year with it becoming part of the Balmoral Group.
Sir Jim on Balmoral Group performance
Balmoral – founded by Sir Jim in 1980 – operates globally and employs more than 800 people across bases in Scotland, England and Wales.
Sir Jim said the company’s transition from oil and gas into other markets has progressed well, which he said was “vital” for the group’s long-term future.
He said the group’s Balmoral Comtec subsidiary has “continued to build momentum in renewable energy, successfully transitioning our extensive experience in oil and gas into this rapidly growing sector”.
He added: “Turnover from renewables increased by an impressive 87%, and our current order book highlights the significant progress we are making in this transition.
“It positions us to achieve our ambitious £40m renewables revenue target ahead of schedule.
“This reflects our commitment to developing innovative products for a market set for substantial growth in the coming decade.”
Balmoral Tanks, meanwhile, has “continued to grow its reputation as a leading manufacturer” and Balmoral-owned Blaze Manufacturing had its first profitable year since Covid.
Marcliffe Hotel purchase
Earlier this year Sir Jim struck a multi-million-pound deal to buy the luxury Marcliffe Hotel and Spa from the Spence family.
Sir Jim has been a customer of the prestigious hotel and its restaurant for years and it holds a special place in his heart as it was the venue for his wedding reception when he tied the knot, in 2001, with Lady Gillian Milne.
An extensive refurbishment programme is planned aim at “upgrading facilities and enhancing the guest experience”.
Sir Jim said: “The strong financial position enabled the group to acquire the Marcliffe Hotel Limited post-year-end.
“The Marcliffe is an Aberdeen institution and a cornerstone of the community for generations.
“We are committed to preserving its legacy while shaping its future.
“A multi-million-pound upgrade is planned to modernise the hotel’s systems, processes, and facilities while maintaining the exceptional quality and standards that The Marcliffe is renowned for.”
Balmoral Group ‘well positioned’
Summing up trading in 2023-24, the multi-millionaire octogenarian said: “With a strong balance sheet, growing cash reserves, and a clear vision for the future, Balmoral Group is well-positioned to continue its strategic growth journey and create lasting value for its stakeholders.
“This will include further diversification as Balmoral look to invest in other businesses and teams over the coming months and years.”
Group deputy managing director Bill Main, who is also managing director at Balmoral Comtec, said he was “hugely encouraged” by the significant increase in activity levels across our businesses in the past couple of years.
Alongside the results, Balmoral highlighted its ongoing commitment to community support through its involvement with events, schools and charities including Friends of Anchor.
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