A year of “exponential growth” has seen jobs at First Tech reach its highest ever level.
The Aberdeen-headquartered energy services group now has 250 people on its books, compared to 140 this time in 2022.
As predicted by chairman Martin Suttie, First Tech recorded its “best ever year” in the 12 months to 30 April 2023, with turnover nearly doubling from £23.8m to £45.5m.
That’s part of a high growth drive in particular for the mooring specialist’s subsidiaries First Marine Solutions (FMS) and First Subsea claiming a larger market share in their sectors.
Pre-tax profits were £3.4m, reversing a £2.5m loss in 2022, while earnings before interest, tax, depreciation, and amortisation (EBITDA) tripled from £2.3m to £7.39m.
Around 50% of group revenue is now attributed to renewable energy activities.
“The good thing is it is not a one-off, we’re expecting to have a similar year in the financial year to 30 April 2024,” said Mr Suttie, pointing to jobs growth post year end in 2023.
More deals
“More of the same” is the goal – and inorganic growth through acquisitions is on the cards.
During the year, First Tech acquired North Sea Compactors, a small business of four people which operates in the oil and gas and renewables sectors – and complementary to its First Integrated business.
“We definitely have appetite to grow the business through the organic growth we’re seeing but also through M&A for the right businesses,” said Mr Suttie.
“I’ll be surprised if we don’t do another deal in the next two years.”
Although First Subsea is “very international” the remainder of the group is focused firmly on the UK North Sea, making up around 75%-80% of their work.
Highlights through the year include a £7m investment in the group’s equipment rental fleet, demonstrating a “long-term commitment” to the sector.
Elsewhere, FMS opened a new office in Glasgow to facilitate growth and First Integrated is expecting a busier year for maintenance campaigns offshore.
Its training arm, First Competence, has meanwhile been developing a virtual reality back catalogue.
Growth to continue for First Tech
Mr Suttie said: “We have just experienced our best year ever as a group and what is most pleasing of all is that we are likely to consolidate that performance this year.”
That’s set to continue, and FMS managing director Steven Brown said £50m turnover is an “achievable” group goal for 2024.
He said: “We are delighted to announce these results today – its particularly pleasing to see the investments we have made in our infrastructure, asset base and people bearing fruit.
“The group has now expanded to over 250 people from 140 this time in 2022 this combined with an extremely robust balance sheet positions us for future growth in 2024 and beyond.”
Looking ahead, the burgeoning floating offshore wind sector has an exciting role to play in First Tech’s plans.
Mr Suttie added: “We’re a mooring business, and what could be more important in floating wind than mooring? It’s an absolute challenge to moor these huge structures into the most hostile of environments – and we are experts in that through doing it every day with drilling rigs.”
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