Self-sustaining is the target for NOF energy
TRADE group NOF energy, which represents Teesside companies operating in the oil and gas, nuclear and renewables sectors, said it had slashed the proportion of cash it relied on from the public purse to just 26% of income in 2010 - down from 95% just four years ago
The figures, set against a backdrop of fierce rows over public sector spending cuts, come in advance of NOF’s AGM tomorrow at Wynyard Hall where members will be told turnover was up 33% over the same period to £1m. Chief Executive George Rafferty said he was leaving nothing to chance, though.
“I’m not confident we will be safe from public sector funding cuts, but I am confident we will hit our target of being self-sustaining by 2012/13.
Turnover has increased 33% in four years while we have reduced the public sector income stream from 95% to 26%.”
The change had been brought about by substantial expanding membership, which now stands at 350, and ramping up of commercial activity, including networking and events management, which has become its most profitable division.
“The income we generate from commercial activities now exceeds membership subscription,” said Mr Rafferty.
“Going forward, our objective is to be able to run this business on its subscriptions and commercial activities. But if there is a public sector stream that can help our members we would obviously look to secure it through a competitive tendering process.”
NOF has struck a number of partnership deals with sister organisations in related sectors, including Northern Defence Industries and, most recently Nuclear Industry Association (NIA) to widen its appeal.
