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Philip Wood, former chief executive of AIM–quoted Sheffield United, says he finds his present job, turning round loss-making oil services group Global Marine Energy, distinctly less stressful though no less challenging. As both chairman and chief executive of the Yorkshire-based group, whose painful restructuring he orchestrated – and helped financially – he maintains it is now on target to turn £1 million expected losses for the year to March into profits of £2 million for 2006-07.

Recovery hopes hinge on 83 per cent-owned Patriot Mechanical Handling. This Houston-based US Over The Counter company makes cranes and drilling equipment and supplies electronic designing, project management and consultancy.

Wood says Patriot is winning bigger orders from Singapore, Brazil and the USA, with £16 million firm orders, £20 million potential and £43 million enquiries. Global is boosting profits and margins by adding service contracts and sees most future
activity and employment growth outside the UK.

It may yet rival Sheffield United, where, as a continuing shareholder, Wood approves the restoration of profitability achieved by its chairman, property man Kevin McCabe.