STATS Group has posted their record trading results from 2023 with revenues increasing to £74.7m.
This comes with their EBITDA earning rising to £12.1m – EBITDA meaning the earnings gained before interest, tax, depreciation and amortisation before charges for foreign exchange, exceptional items, and share based payments.
The company managed to increase their revenues by 26% with earnings rising by 33% in comparison to 2022.
Based in Kintore, STATS’ main focuses are hot tapping, the provision of pressurised pipeline isolation and plugging services aimed at the global energy industry.
In the Middle East they engaged on the largest subsea isolation project by Saudia Arabia and saw large growth in key markets like Qatar.
They have also seen growth in their United States consumer base and have made progress on an intervention contract surrounding gas distribution network upgrades in British Columbia, Canada.
Their expansion in Asia involves the completion of the first remote tecno plug scope in Indonesia and delivering a large diameter subsea isolation project in Malaysia.
This is alongside their hopes of responding to a growing consumer base in Australia with the setting up of a new entity.
STATS chief executive officer, Stephen Rawlinson, stated: “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.
“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.
“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.”
