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 client’s 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.”
