International energy logistics company, Peterson Energy Logistics, announced its consolidated results for the 12 months ending 31 December 2020.
Peterson reported revenue of GBP 199 million for the year and a break-even position on operating profit. The company announced it is positioned to deliver improved financial performance again in 2021 as restructuring allows a more agile organisation to respond to increasing demand.
Throughout 2020 Peterson continued to make significant investment to enhance its Lighthouse suite of digital applications and other technologies, and further invested to consolidate its international footprint in the Middle East, Trinidad and Tobago, Guyana and Australia during the year.
2020 was the year that Royal Peterson and Control Union celebrated 100 years of business. This was marked by planting over 10,000 trees globally, as well as charity donations being made on behalf of each employee. In November 2020, Peterson and Control Union was awarded Royal Designation by Dutch Monarch, King Willem-Alexander, to mark the company celebrating 100 years of business.
Commenting on the Group’s performance Erwin A. Kooij, CEO of Peterson says, “2020 saw us swiftly adapting our working processes to maintain safe operational working practices whilst protecting our employees, customers and suppliers during the challenges brought about by the COVID-19 global pandemic.”
“A robust COVID-19 response plan was quickly established, including weekly communication, business continuity and the development of our Lifesaving Rule Number 11 – social distancing. This provided critical support to our operations in the management of COVID-19 and played a significant part in our ability to continue providing a high-quality, consistent service throughout times of heightened restrictions,” Kooij adds.
“We are extremely proud of the efforts of our people, who have lived our core values, taken personal responsibility and delivered through the ongoing challenges of the COVID-19 restrictions. Safety remained our top priority in 2020 but sustainability continues to be a close second. Our new sustainability forum and the development of our sustainability management system is supporting our carbon neutrality by 2022 and net zero by 2025 ambitions. Recordable and lost time injury cases demonstrated a strong downward trend in 2020. Despite the presence of COVID-19, we continued to focus on the development of staff, providing all mandatory and best practice accredited training and added IEMA sustainability training as a mandatory requirement for all employees,” he continues.
“The business was already undertaking a restructuring exercise to become a leaner, focused and more responsive organisation when the pandemic hit hardest. Despite bearing the full cost of restructuring and having only a short period to benefit from a lower cost base, we were able to absorb what we see as a temporary reduction in demand for services while continuing to improve our underlying financial performance.”
“We have also continued to invest heavily in our technology solutions. As global leaders in digital energy logistics, our focus has moved on from foundation applications to enterprise data flow, giving our customers a comprehensive, real-time understanding of their usage patterns, events and inventory to enable them to manage their assets and supply networks predictably and proactively.”
“The Peterson Control Union Group, a family-owned company, reported overall a robust global Group result in 2020, and our strong balance sheet, without significant loan capital which is less than 3% of our group total balance sheet, enables us to take a long view, invest for the future and allows our clients and employees to trust in Peterson,” concludes Kooij.