AssetCo reports red hot £10.8m rise in profits
A UK company run by a Northern Ireland man has reported a major rise in profits.
AssetCo, which provides fire and rescue services in home and international markets, reported profits before tax of £12.1m for the year ending March 31, 2010, up from £1.3m on the year before.
The company, which is based in Middlesex, has recently won major contracts in the United Arab Emirates, including a £40m contract for an outsourced fire service in Abu Dhabi.
AssetCo also has a contract with London Fire and Emergency Planning Authority for providing an emergency fire crew capability service to the London Fire Brigade, replacing back-up previously provided by the Ministry of Defence.
Chief executive John Shannon, who started his career with KPMG in Northern Ireland and still lives in the province, said: “This has been a transformational year for AssetCo Fire and Rescue.
“Not only did we significantly increase profits and earnings per share, we also confirmed our position as the leading provider of fire and rescue based front-line operational services in the UK and won a number of significant contracts in the UAE.
“Looking forward, our established track record in the UK allows us to continue to offer alternative models to deliver significant efficiency savings to those local authorities tasked with meeting the Chancellor’s budget targets, while internationally we have identified several further opportunities for growth.
“As a result, we approach the coming year with confidence and look forward to continuing to develop the group as a leading player in the international fire and rescue services market,” Mr Shannon added.