PSN Birthday Pledge to Create Three New International Businesses

To celebrate PSN's first birthday, CEO Bob Keiller and his management team have pledged to create at least three new international businesses, in the next 12 months. This aggressive growth pledge is expected to generate an additional $300million of revenue for PSN over the next 5 years.

Bob Keiller said: "Since PSN's birth on 1st May 2006, we have smashed our own recruitment targets and won major contracts worth more than $700million. We have employed two people every working hour, increased our network from 6500, to nearly 8000 people worldwide, of which over 3000 work in the UK. In the past year, PSN has enjoyed a 23% growth in revenue, with EBITDA (earnings before interest, tax, depreciation and amortisation) several million dollars ahead of plan.

"But the best is yet to come. We currently operate in 20 countries but we pledge to create three new businesses, in new international markets, by our second birthday. We are planning to create new ventures and new companies in the Indian subcontinent, Russia, Kazakhstan, Africa and the Middle East. We cannot reveal the exact details due to commercial sensitivities but we are confident they will significantly develop our international portfolio. These three PSN new ventures will create at least 300 new jobs globally and generate an additional $300million of revenue for PSN over the next 5 years. This contributes to our forecast to hire at least 1000 new people in the next eight months, of which 300 will be in UK. To lead this new business, we have recruited the best international leaders. We are confident we have the right people in place to responsibly, but dramatically, grow our business."

Jerome Lynch, International Operations Director, explained: "Over the past five years, PSN's global revenue has more than doubled and international business activity has increased by 250%. Our international workforce has grown to 5000 employees, 98% of whom are nationals of the countries where we work. We recruit and train local people who enrich our global network by bringing their experience, culture and diversity into our business. In addition to the benefits of direct local employment, we contribute in many ways to developing the local communities where we work. We work hard to nurture local businesses and skills to encourage sustainable community development. Inspiring examples of this include building a primary school in Chad and the sponsorship of a skills training centre and an orphanage in Bangladesh."

Ali Green, Business Development Director, added: "Our success is built upon fully understanding our customers requirements and understanding the technical and socio-political demands of each market. We are determined to make PSN the most successful contractor in the business. Our employees are PSN's ambassadors and help identify business opportunities, maintain good relationships with our customers and deliver the best work with safety as our top priority. This is a winning formula for international growth and ensures we will deliver today's pledge."

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Posted 07/05/07

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