Craig heads down under in global growth strategy
Craig International, the global procurement company to the energy industry, is building on its success in North America and the Middle East to explore markets in Australia and South East Asia.
In the current financial year it has invested in two new bases in Singapore and Western Australia.
The next phase of its strategy emerged with results from holding company Craig Group for the year to the end of April 2023 showing a sharp rise in operating profit from just over £1 million to £2.7m on turnover up 60% from £116m to £188m.
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.
The company invested in new 10,000 sq ft headquarters in Aberdeen, which has doubled the size of its 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.
“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 more than 100 procurement specialists in 10 countries.