Multi award-winning torque specialist EnerQuip has reported another record year with revenues for 2024 expected to hit £22million.
With 100% of capital equipment projects coming from overseas markets, the company expects to report a 10% increase in revenue in 2024 compared with the previous year.
Capital equipment sales account for around half of the figure, with service and after market also performing strongly throughout the past 12 months.
Almost one third of EnerQuip’s business in 2024 has come from new customers, demonstrating the company’s continuing growth across its chosen marketplaces, and a determination to grow market share.
Geographically, Europe and the Middle East combined have taken in some 50% of the overall total with Norway – which is looked after from EnerQuip’s global headquarters near Aberdeen – continuing to be particularly fruitful.
Meanwhile, EnerQuip sold its highest ever number of torque units to Guyana in 2024 with the emerging market and Brazil together making up one fifth of 2024’s overall revenues.
As well as growing the global team by 15 people by the end of Q1 and ahead of schedule, the year also sparked a move from sub-let, shared accommodation to a larger 6,000sq ft purpose building in North-east Houston taking it strategically closer to several regional customers.
The move will increase EnerQuip’s capacity to handle refurbishment and life extension projects of torque equipment throughout the Western Hemisphere, removing the need for equipment to be shipped back to Aberdeen, thus reducing lead times and shipping costs whilst adding value by being closer to a growing customer base.
Commenting on the momentous year, global head of sales Darren Bragg said: “The success of EnerQuip’s ongoing global growth journey lies in taking expertise rooted in the North-east of Scotland and successfully applying it to energy markets all over the world.
“The team has constantly worked hard to strike a successful balance between a commitment to ‘home’ by recently expanding our HQ in Aberdeen, whilst ensuring we strive to fulfil our ambitious global aspirations. It is this combination which has allowed EnerQuip to win its place on the world stage in under a decade in business.
“The growth achieved this year has been a collective effort, across our two main revenue streams – CAPEX and service/aftermarket. Following up last year’s record revenues was always going to be tough but having set ambitious targets, namely our '25 by 25' goal of £25million by 2025, this year sets us up well to achieve this next year!”
Launched in Aberdeen in June 2015, EnerQuip is a leading specialist in the design, manufacture, installation and maintenance of market leading torque machines and associated products, including bucking units and fully rotational makeup and breakout torque machines which can be adapted to suit any application.
The highly skilled team delivers 24/7, 365 support and works with a growing client base in an increasing list of locations that includes Africa, North and South America, Canada, Europe, Asia, Australia and the Middle East.