The company, which employs over 800 people globally, attributed its success to a strategic shift away from oil and gas towards renewable energy. Its subsidiary, Balmoral Comtec, saw an 87% increase in turnover from renewables, positioning the group ahead of schedule to meet its £40m renewables revenue target. Other divisions, including Balmoral Tanks and Blaze Manufacturing, also reported positive growth.

Balmoral Group also recently acquired the iconic Marcliffe Hotel and Spa in Aberdeen. The multi-million-pound deal was completed earlier this year. An extensive refurbishment programme is planned to modernise the hotel while preserving its legacy.