STATS Group posts 9% revenue increase despite COVID-19 challenges

STATS Group posts 9% revenue increase despite COVID-19 challenges

01 Jun 2021

Pipeline technology specialist STATS (UK) Ltd delivered revenues of £42.5m (US$60.3m) and recorded EBITDA earnings of £6.5m (US$9.2m) despite the challenges of COVID-19, its latest annual accounts show.

Revenues increased by £3.4m (US$4.8m), up from £39.1m (US$55.4m) while earnings rose by £0.9m (US$1.3m), up from £5.6m (US$7.9m), according to trading results for the year to 31 December 2020. The group’s pre-tax profits rose from £0.2m (US$0.28m) to £1m (US$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’ home UK market, with significant breakthrough in the North American pipeline sector, reflected in revenue growth in the USA of 51%, up from £8m (US$11.3m) to £12m (US£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 £6.7m (US$9.5m).

For more information please visit STATS Group’s website.

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