MacArtney looks positively to the future
After almost twelve months with a global pandemic, the MacArtney Group is focused on supporting its customers through the current crisis, strengthening its global reach and investing in a future with more innovative solutions and a return to pre-corona activity levels.
As the world continues to grapple with a pandemic that has impacted all sectors of society and industries, MacArtney has set its sights firmly on the future. At the start of 2020, MacArtney was on track to continue the excellent growth and results of the previous year. After COVID-19 reared its head, the group was forced to rethink its strategy and scale back short-term ambitions significantly.
In general, the MacArtney Group’s revenue has increased 5% to 665 mDKK, resulting in an improved profit for the year from 20 mDKK last financial year to 28 mDKK for the current financial year. The sweetness of being able to report high revenue and earnings at the beginning of the year is soured somewhat, however, by the much-reduced activity and earnings during the latter half of the year.
MacArtney has adapted to the situation and reduced costs while working on a leaner basis. The markets have not yet recovered, why activity and earnings are expected to remain at lower levels over the coming year.
Serving customers globally, the Group notes that not all parts of the world have responded to the current crisis identically, with some markets performing better than others. COVID-19 has had a significant impact on the oil and gas industry, for example. Despite MacArtney being less vulnerable than previously to market fluctuations in this sector, the industry’s poor showing is reflected clearly in the year’s financial results. Other industries such as ocean science, renewable energy, defence and civil engineering are less affected but remain challenged by delays and postponements to scheduled projects.
Living a customer-centric culture, MacArtney considers it essential to serve customers through their projects, from plans in embryo to the final and customer-specific solution.
The crisis has put the required close and crucial dialogue with our customers to the test. We have adapted to the situation and implemented digital solutions across the Group further. From online customer meetings, live streaming of factory acceptance tests, webinars and much more.
MacArtney is committed to an ongoing expansion of its global reach and offers local customer support through a strategic presence in key markets. Recently adding the Middle East and India operations, thereby deepening MacArtney’s global footprint to include 16 countries in Europe, Asia Pacific and the Americas with approximately 450 employees worldwide.
MacArtney’s approach to developing existing, new and pioneering products is vital to its DNA. In progress for 2021/22 are innovative new features and benefits for the MERMAC underwater winch series and adding applications for UXO (unexploded ordinance) surveys to our FOCUS ROTV series.
Due to an ever-increasing market for the SubConn® underwater mateable and harsh environment connectors, MacArtney locations worldwide continue to build up local stock and keep our regional workshops and moulding facilities progressive.
Another product realised at year’s end was our new, all-electric eco-friendly launch and recovery system - the eLARS™. A green solution facilitating the launch of underwater equipment with minimal maintenance and energy consumption.
“At MacArtney, we’re focused on the future,” says MacArtney’s CEO, Claus Omann. “There will be a time after COVID-19 when the world needs new and innovative solutions. With its many years of expertise in this field, MacArtney is ready to develop these solutions and remains at the cutting edge of technological developments.”
Further efforts to deliver efficiency gains through business process improvements will continue into 2021, ensuring MacArtney is agile, adaptable and resilient to changing market conditions. Together, we will come out of the global pandemic positively and firmly committed to our customers’ future journeys.