Influential multi-millionaire boss of Global Energy Group, Roy MacGregor, remains optimistic despite a dip in profits in the company’s latest financial accounts.
Inverness-headquartered Global Energy Capital Investments posted pre-tax profits of £14.6 million in the year to March 31 2024, down from £21.5m in the 2023 financial year.
A large fall in turnover – from £369m in 2023 to £253.7m in 2024 – was put down to large-scale nuclear fabrication and offshore wind marshall projects ending.
The group provides services across the renewable sector by supporting the lifecycle of offshore and onshore wind farms, nuclear facilities and energy grid upgrades whilst continuing to support oil and gas developments.
Global Energy Group chair Roy MacGregor on latest accounts
Mr MacGregor, who founded GEG in 2005 and is also Ross County FC chairman, said the group continues to lead the way in supporting the country’s energy transition.
He was positive about the group’s 2024 accounts and said it had been a “strong trading period” underpinned by revenue streams across oil and gas, offshore and onshore wind, and energy infrastructure projects.
However, Mr MacGregor says GEG hopes to follow up its recent fabrication contract delivering Hinkley Point for the nuclear sector.
“The government has just given the go-ahead to Sizewell and we hope to be involved,” he said.
“It’s at early stages, but we are one of only two contractors that are able to do nuclear in the UK.”
The 71-year-old entrepreneur says a revenue hike to £330m is forecast for GEG in 2025.
He said growth in turnover was already translating to growth in jobs this year.
This follows a 586 drop in total employees; from 2,307 last year, to 1,721 in 2024.
Renewables will benefit the Highlands
Going forward, Global Energy Group continues to maximise the opportunities that freeport status brings to The Port of Nigg, which it owns and operates.
“There is a momentum and that’s coming from offshore and it’s also coming from onshore, particularly from transmission,” said Mr Macgregor.
“SSEN are spending £30 billion on new infrastructure from Orkney, Shetland right down to Perth and that’s going to create a really prosperous time for this area.”
The chairman said a shift to renewables will benefit the Highlands community.
However, Mr MacGregor said more action and support is needed from government to grow the renewable energy industry.
“They are asking for private sector investment, but they need to make sure the incentives are right when they do that,” he added.
“When oil and gas came at the beginning of the 70s it was very much with government and international support.
“Scotland has so much wind, we need to get a bit of help to pump prime the industry. That doesn’t necessarily mean money.”
Mr MacGregor said it meant a great deal to him to support the Highland economy and that he was inspired his workforce.
“All the good ideas come from the bottom, not the top,” he said.
“As a Highland boy having exposure to a very vibrant oil and gas market and the international corporate world then coming back here, I see so much talent in Scotland; but we need to believe in ourselves.”
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