Trustees of the Scanpower Customer Trust, Rowena Bowie (left), Myles McKeefry, chairman Keith Cammock, Stuart Smith and Bill Taylor. Photo / Supplied
Trustees of the Scanpower Customer Trust, Rowena Bowie (left), Myles McKeefry, chairman Keith Cammock, Stuart Smith and Bill Taylor. Photo / Supplied
Community-owned Scanpower is doing exceptionally well, Stuart Smith, the deputy chairman of the company's customer trust, said on Tuesday night.
"We have to be extremely pleased because, in a time of a downward cycle of electricity consumption, the company has not only maintained, but increased, revenue," he told the trust'sannual meeting.
Scanpower chairman Allan Benbow said the growth in the power line contracting business had been spectacular, with the company having great success in procuring major contracts, including the Peka Peka/MacKay's Crossing job.
"This is a $1 million job, and being able to meet the requirements of large corporations is because of our contracting team and management," he said.
The space at the Oringi Business Park is almost full, with just the killing floor of the former freezing works now vacant.
"This is really exciting," Mr Benbow said. "I'm really pleased with good results in a difficult year. It's something to be proud of."
Mr Benbow said that to have more than 50 per cent of Scanpower's revenue coming from business units other than the network was especially pleasing.
"In many ways, the past decade has been a challenging one for Scanpower and has included the loss of significant electrical load on the network, with the closure or scaling down of three major customer sites, a global recession, and steadily rising regulatory and statutory compliance costs," he said.
"With this in mind, it is pleasing to see our financial performance now trending in a positive direction, and we believe this is likely to continue over the coming year and beyond as returns from the company's new investments start to increase."
Scanpower chief executive Lee Bettles said the management team and staff had been fantastic.
"Change and the response to the extra effort demanded of everyone has been terrific, with the company flexible, agile and able to take opportunities as they come. This is unusual for a lines company," he said.
