STATS
(UK) Ltd (STATS) has posted record trading results in 2023 with revenues
increasing to £74.7 million while EBITDA* earnings rose to £12.1 million, its
latest annual accounts show.
The
Aberdeenshire pipeline technology company increased revenues by 26% while
earnings rose 33% compared to 2022.
Headquartered
in Kintore, near Inverurie, STATS principal activity is the provision of
pressurised pipeline isolation, hot tapping and plugging services to the global
energy industry.
STATS
Chief Executive Officer, Stephen Rawlinson, said: “The group has delivered an
excellent trading result for the year, with 87% of revenue derived from
activities outside the United Kingdom, reflecting our ongoing commitment to
develop and invest in localised operations in key international markets.
“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.”
STATS
recorded a number of important operational milestones, with Mr Rawlinson
adding: “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 using our proprietary BISEP intervention equipment with a number of
operators.”
In
the Middle East, STATS was engaged on Saudia Arabia’s largest ever subsea
isolation project and recorded significant growth in key markets including
Qatar and the United Arab Emirates.
In
the United States, the company continued to broaden its customer base with
notable expansion in supplying products and services to the offshore market,
while in Canada, which is the group’s primary fabrication hub for North
America, it delivered the fourth phase of a major intervention contract in
support of gas distribution network upgrades throughout British Columbia.
The
successful delivery of a large diameter subsea isolation project in Malaysia
and completion of the first Remote Tecno Plug scope in Indonesia underpinned
expansion in Asia, while the setting up of a new entity in Australia signalled
the group’s commitment to responding to a growing customer base.
Mr
Rawlinson added: “The sale of STATS to Mitsui & Co Ltd was concluded in
August 2023, and excellent progress has been made on integration across the
business, including building on synergies and co-ordination of market
development opportunities. We are on pace for yet another record year.”