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The Group retains a small environmental services business, principally asbestos management for local authorities in Northern Ireland. Update following the 2007 results In 2004 and 2005, Chieftain developed and put in to action a strategy to focus the group on activities which generate maintainable recurring revenue streams based on its core industrial and engineering skills. I am proud to say that this has been a success and the results of this strategy has seen our turnover triple, our pre tax profit triple and our order book quadruple since then. Our refocused strategy has given greater visibility of earnings and cash flow. The two main divisions of our business, Engineering and Marine Outfitting, performed very well in 2007, accounting for 96% of revenues. The engineering business is being steered to more project work albeit on similar alliance principles to our term contracts, and the marketplace in this area is very substantial. I believe we will have gained significant entry during 2008. This will complement our fabrication and resource management activities and it is relatively straightforward to transport this footprint throughout the United Kingdom. Our presence in engineering services is becoming stronger and we have secured our first contract outside of the North East of England in the latter part of 2007. << Back | More >> |
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