Pipeline technology company Stats (UK) hailed its strong performance in key overseas markets as it posted a large jump in turnover and an even bigger increase in profits.
Stats – based in Kintore, Aberdeenshire – said it doubled turnover in the US to more than £2.8 million, securing onshore work with several pipeline operators and completing subsea intervention projects in the Gulf of Mexico.
In Canada, where sales rose by 51% to more than £4.8m, Stats secured a contract with a major gas operator and bolstered its position in the western region onshore pipeline market.
The biggest growth came in the Middle East, where turnover rocketed by nearly 170% to £19.5m after the company won a lucrative isolation and intervention contract in Abu Dhabi.
Stats said it generated 80% of its total income in international markets as it notched up turnover of £43.4m last year, a 45% increase from £30m in 2017, while pre-tax profits more than trebled to £2.5m.
The firm, which provides pipeline testing, repair and integrity services, including the design, supply and provision of specialised test, intervention and isolation tools, to the oil and gas industry, said it saw an upturn in activity in nearly all of its international operations.
Chief executive Leigh Howarth said: “The 2018 results reflect a very strong performance across the group, and with 80% of revenues generated outside of the UK this demonstrates that our strategy of internationalising the business is being delivered.
“Our aim in 2019 is to repeat the performance of 2018 and if possible to better it. We are in a good position to increase our market share over a broader range of projects and a wider geographic spread.”
Stats employs nearly 240 across operations in Kintore, Inverurie and Kendal in the UK, Edmonton and Calgary in Canada, Houston in the US, Abu Dhabi and Qatar in the Middle East, and Kuala Lumpur and Perth in Australasia.