May 4, 2020 @ 12:24 by Alison Cowie
px Group – the energy and industrial solutions business headquartered in Stockton-on-Tees, has been ranked the 53rd fastest-growing business in the UK by The Sunday Times Profit Track.
The league table ranks the UK’s 100 private companies with the fastest-growing profits over their latest three years.
Profits at px Group have risen by an average of 53 per cent each year since 2016 to £6.6 million (year to March 31 2019).
px Group processes gas for the equivalent of 10 million UK households and manages, operates and maintains some of the UK’s largest industrial facilities, including St Fergus Gas Terminal, in Aberdeen, and Teesside Gas Processing plant.
It also owns the Saltend Chemicals Park at the centre of the UK’s ‘energy estuary’ in Hull, where many of the businesses at Saltend are contributing to the efforts to combat the Coronavirus by supplying materials used to produce PPE such as face masks and clothing, as well as medication and disinfectant products.
px Group has grown rapidly in recent years, showcased by its purchase of Saltend Chemicals Park from BP in 2018. More recently, the business has grown through acquisitions: in November it acquired oil and gas project management business Camm-Pro, and just recently announced the acquisition of NRG Well Management, the well management services provider to the Oil & Gas Industry.
Geoff Holmes, who was appointed as px Group’s CEO in July last year (pictured), says: “I am delighted to see that the hard work put in by everyone at px Group has been recognised alongside some fantastic UK businesses.”
“Our growth is a testament to our commitment to providing the highest quality of service to our clients, which we never compromise on.”
“I would like to thank the whole px team – from northern Scotland all the way down to London – for their efforts over the last year. I would also like to pay tribute to their extraordinary work in helping keep the UK energy supply going throughout the disruption brought by Coronavirus.”
“We have a strategy in place to build on our strong performance and we look forward to seeing the results of that bear fruit over the coming months.”