Pipeline technology group STATS (UK) has reported revenues of £42.5m and earnings before tax of £6.5m, despite the challenges of Covid-19.
The Abderdeenshire-based company’s results for the year to 31 December 2020 also showed pre-tax profits up marginally to £1m.
Its principal activity is the provision of pressurised pipeline isolation, hot tapping and plugging services to the oil and gas industries.
It said the resilient performance was largely due to continued investment in international infrastructure, which has established responsive regionalised management teams and localised workforces, located close to key global markets.
From its headquarters in Kintore, the business has outposts in Edmonton, Canada; Houston, US; Abu Dhabi, Oman and Qatar in the Middle East; and Kuala Lumpur in Malaysia.
The group now employs 285 people, up from 250 in 2019.
The annual accounts noted that 88% of revenues were generated out with STATS’s home UK market, although the North American pipeline sector has shown rapid growth, reflected in US revenue growth of 51%, up from £8m to £12m last year.
STATS 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 pandemic, when many national borders were closed and movement was restricted.
“Not only has the strategy to localise been vital in building resilience during this most challenging period, but it gives us the platform for a bright, scalable future and is testament to the sustainability of our business.”
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