The firm’s latest accounts show annual revenues rose to £42.5 million from £39.1m the year before. The company now employs 285 people, up from 250 in 2019.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) – a measure of underyling profitability – came in at £6.5m, an increase on the £5.6m banked a year earlier. During 2020, the group’s pre-tax profits rose from about £200,000 to £1m.
Based in Kintore, near Aberdeen, the group’s main activity is the provision of pressurised pipeline isolation, hot tapping and plugging services to the global oil, gas and petrochemical industries.
Bosses said the strong performance last year was largely due to continued investment in international infrastructure.
The accounts noted that 88 per cent of revenues were generated out with the company’s home UK market, with “significant breakthrough” in the North American pipeline sector, reflected in revenue growth in the US of 51 per cent, up from £8m to £12m.
To support further US growth, the group recently moved its operations to larger premises in Houston, while increased product sales and localised fabrication capabilities in Edmonton delivered record trading revenues in Canada of £6.7m.
Group chief executive Leigh Howarth said: “Our long-term investment in regional teams and infrastructure allowed us to be much more resilient to the economic and social challenges posed during the peak of the Covid-19 pandemic when many national borders were closed and movement was restricted.”