Energy support service firm Cape said yesterday it saw its strongest growth since 2007 last year with an 11% rise in sales to £722.5million.
It also said it saw strong growth ahead with momentum building in key regions, following growth in the Far East and Pacific Rim, Middle East and the UK.
In the UK, revenue rose from £273million to £299million, driven by onshore power-generation work.
However, offshore revenue in the UK fell by 5% to £93.1million.
Cape said last year saw pressure in the UK North Sea market as competitors discounted services to gain market share.
It also said that flat adjusted group profits of £69.4million – up marginally from £69.1million in 2010 – had been affected by a £4.1million charge on a rig refurbishment contract and a £1.4million charge over the cessation of a hire-and-sales depot in Australia.
Looking to 2012, Cape said it had a £950million order book but that its operating margin was expected to reduce.
It also said it saw opportunities for growth in the UK North Sea because of increasing investment, with contracts lined up with BP and Total.
Chief executive Martin May said: “Cape delivered its expected return to revenue growth despite the loss-making rig refurbishment contract in the second half of the year.
“Three of our four geographic regions are contributing to that underlying growth.”
Just over half the firm’s revenue come from plant maintenance and about 40% from construction support services.
It operates in the nuclear and power-generation sectors, where it works at 23 of 52 large power stations in the UK, in addition to serving oil and gas firms.
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