EnerMech, the Aberdeen-based mechanical engineering group, is looking to tap into “growth potential” in markets such as Africa, the Middle East and the Americas after seeing revenues flatline last year.
The firm, which focuses on the energy sector and employs about 2,300 people across 35 UK and international bases, said it was working in a “challenging environment” given the continuing weakness in oil prices, with most customers focused on trimming costs.
Chief executive Doug Duguid said that group revenues in 2015 were likely to be line with what was achieved the year before.
Its accounts for 2014, which have just been filed with Companies House, show the business – formed in 2008 – grew turnover by 27 per cent to £258.9 million from £202.5m a year earlier, while underlying earnings, before interest and tax, increased from £14.2m to £26.7m.
Duguid said: “We expect it will be the latter part of 2017 at the earliest before the downturn eases, but we have plans in place to address this and as we enter 2016 we are fortunate that we have an international infrastructure and strong back-log of projects in the pipeline.
“We have identified growth potential in Africa, Middle East, Caspian and the Americas and will draw upon lessons and expertise gained in mature areas such as the UK and Norway to maximise those opportunities.”
He added: “Our multi-business line integrated offering puts us in a good position to respond to the industry’s call for greater co-operation.”