In 2010 as world markets fell INEOS moved its headquarters from the UK to Switzerland to remain competitive. Seven years on, it’s coming home and business is better than ever
INEOS achieved record profits last year.
It recorded underlying profits of €4.3billion – a figure only rivalled by the very biggest names in the industry.
The company said it was also repaying a €1.2 billion debt from its own cash resources and had refinanced a €4 billion debt, saving more than €100 million a year.
“It’s fantastic news,” said INEOS Chairman and Founder Jim Ratcliffe. “INEOS is in great shape. These figures confirm that it is doing better than ever. All the businesses are performing well and our successful refinancing shows that the market is clearly recognising this fact.”
INEOS Finance Director John Reece said INEOS had spent the past three months working on the finance package, which had resulted in it being able to reduce costs and extend maturities until 2022 at the earliest.
“Not only that but we were oversubscribed by 50%, which showed the credit market’s strong confidence in us,” he said.
Jim said INEOS was a unique business.
“We only set it up 18 years ago, and it has never floated,” he said. “It’s a tribute to everyone involved – management and staff – that it is now doing so well.”
The news of its record year coincided with the official opening of its new UK headquarters in Knightsbridge, London.
Jim said the move reflected INEOS’ growth in the UK, where it is investing more than $2billion, and its immense confidence in Britain’s economic future.
“We’ve come back to Britain because there is a lot going on here,” he told guests at the official opening of its Hans Crescent HQ on 7 December last year. “The UK is a much better place than it was 10 years ago and the Conservative government is very positive about business.”
INEOS currently supplies many British homes with gas, it operates a growing trading and shipping business, its chlorvinyls business, now known as INOVYN, has doubled in size, its Grangemouth site is undergoing a renaissance and it is planning to extract shale gas in the north of England.
Britain’s decision to leave the European Union didn’t matter, he said.
“We are not concerned about Brexit,” he said. “At the end the day the UK is the world’s 5th largest market and you can’t ignore the world’s 5th largest market.”