Aberdeenshire pipeline specialist Stats cheers record results and ‘operational milestones’

Aberdeenshire pipeline technology specialist Stats Group has unveiled record trading results and a number of “operational milestones” as it flexes its international muscle.

The Japanese-owned business, which is headquartered in Kintore, near Inverurie, saw its revenues jump 26 per cent last year to £74.7 million, compared with 2022. Underlying earnings were up by a third to £12.1m, according to the firm’s latest set of accounts. Further growth is forecast in 2024.

Chief executive Stephen Rawlinson, who took the top role earlier this year, said: “The group has delivered an excellent trading result for the year, with 87 per cent of revenue derived from activities outside the UK, reflecting our ongoing commitment to develop and invest in localised operations in key international markets.

Stats Group, a wholly owned subsidiary of Mitsui & Co, provides specialist engineering services for the maintenance, integrity and repair of oil, gas and petrochemical installations and infrastructure.

“With growth in the global pipeline integrity market, coupled with our clients’ preference for locally delivered products and services, we expect demand to increase over the coming year in all our markets. Revenue is anticipated to be higher than that achieved in 2023 and staff levels are again expected to increase to meet the anticipated growth in demand.”

Rawlinson said the group had achieved a number of important operational milestones, noting: “We have made significant progress establishing strong relationships in key markets, differentiated with our market leading technologies that will continue to drive future growth in market share. Stats gained momentum in the UK onshore gas distribution market, securing several contracts with a number of operators.”

In the Middle East, the firm was engaged on Saudi Arabia’s largest ever subsea isolation project and recorded significant growth in key markets including Qatar and the United Arab Emirates.

In April, Stats unveiled a change at the top less than a year after its acquisition by Japanese firm Mitsui & Co. Leigh Howarth stepped down as chief executive in a planned leadership transition to assume a non-executive directorship role with the company. Rawlinson, previously Stats’ regional director North America and global sales director, succeeded Howarth following a “rigorous global recruitment process”.

In July 2023, Stats said a deal had been struck to sell 100 per cent of the issued share capital of the business to Mitsui & Co. No value was disclosed.

Aberdeenshire pipeline specialist bought by Japanese giant