STATS Group post 9% revenue increase
14 June 2021
Pipeline technology specialist STATS (UK) Ltd delivered revenues of GBP 42.5M (USD 60.3M) and recorded EBITDA earnings of GBP 6.5M (USD 9.2M) despite the challenges of Covid-19, its latest annual accounts show.
Revenues increased by GBP 3.4M (USD 4.8M), up from GBP 39.1M (USD 55.4M) while earnings rose by GBP 0.9M (USD 1.3M), up from GBP 5.6M (USD 7.9M), according to trading results for the year to 31 December 2020. The group’s pre-tax profits rose from GBP 0.2M (USD 0.28M) to GBP 1M (USD 1.4M).
Based in Kintore near Aberdeen, UK, STATS principal activity is the provision of pressurised pipeline isolation, hot tapping, and plugging services to the global oil, gas, and petrochemical industries.
The company said the strong performance was largely due to continued investment in international infrastructure which has established responsive regionalised management teams and localised workforces, strategically located close to key global markets.
The annual accounts noted that 88% of revenues were generated out with STATS’s home UK market, with a significant breakthrough in the North American pipeline sector, reflected in revenue growth in the USA of 51%, up from GBP 8M (USD 11.3M) to GBP 12M (USD 17M).
To support further USA growth, 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 GBP 6.7M (USD 9.5M).