Expansion into new markets and continued investment in equipment put Aberdeenshire-based Flowline Specialists back in the black in 2017-18.
Flowline Specialists, headquartered in Oldmeldrum, targeted the offshore renewables sector a few years ago and is reaping the benefits of that decision.
And bosses at the firm identified “encouraging signs” in the North Sea oil and gas market ahead of 2019.
That sector has “finally started to see an increase in spending on infrastructure”, they said.
Maintenance and new development projects have begun, creating more work for subsea construction companies, who are core clients of Flowline Specialists.
Founded in 2001, Flowline Specialists makes modular equipment used for the handling and deployment of cables and pipes across the energy industry.
The firm’s gear has been used in decommissioning projects, as well as oil and gas, subsea and renewables developments.
The business employs about 50 staff members and has an additional manufacturing facility near Fyvie, Aberdeenshire.
It also has bases in the United Arab Emirates and Netherlands.
The company said the “excellent” performance of its Middle-East division had been a “highlight” of the year to March 30, 2018.
Major contracts were clinched for its 300 tonne hub drive system and work was secured in Australia and Bangladesh, as the firm entered new geographical markets.
Strong activity levels helped the company record pre-tax profits of £813,121 for the period under review, against a deficit of £351,628 in 2016-17.
Turnover climbed to £5.5 million from £4.5m.
Jim Smith, chief executive of Flowline Specialists, said: “The most recent set of financial results illustrate solid growth for the business and that our strategy to diversify is proving successful.
“Continued investment in improving and expanding our fleet of cable and pipe handling and deployment equipment has also strengthened our offering to the market.”
He added: “A number of years ago we decided to target work in the offshore renewable energy sector and this industry has become an increasingly important part of our business.
“Recent projects have taken us around the world, which demonstrates the growing global focus being placed on the offshore renewable sector and its many technologies.”
Recommended for you
