Growth in international markets
Overseas sales boost sees STATS turn loss into profit
Leigh Howarth: ‘strong performance’
Pipeline technology company STATS (UK) generated 80% of its income in international markets as it posted a pre-tax profit of £2.5 million compared to a pre-tax loss of £800,000 in the previous year.
The Aberdeenshire company saw 2018 revenue rise to £43.4m from £30m in 2017.
STATS saw an upturn in activity across almost all of its international operations. In the United States, it doubled turnover, securing onshore work with several pipeline operators and completing a number of subsea intervention projects in the Gulf of Mexico.
In Canada, where revenues increased by 51%, the company secured a contract with a major gas operator for the sale of proprietary equipment, whilst strengthening its market position as a pipeline services business in the onshore western Canadian pipeline market.
However, the most significant growth came in the Middle East where revenues increased by almost 170%, with the growth largely attributed to winning a major isolation and intervention project in Abu Dhabi.
Group chief executive officer, 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 believe that we are in a good position to increase our market share over a broader range of projects and a wider geographic spread.”
STATS employs approximately 240 staff in Kintore, Inverurie and Kendal in the UK, Edmonton and Calgary in Canada, Houston in the USA, Abu Dhabi and Qatar in the Middle East, and Kuala Lumpur and Perth in Australasia.