Diversification puts EnerMech on target for £360m revenues

Doug Duguid, CEO of EnerMech Ltd

Diversification puts EnerMech on target for £360m revenues

EnerMech, which provides integrated mechanical, electrical and instrumentation solutions, has announced that its 2016 revenues rose by almost £10m to £263.7m on the previous year.

The Aberdeen-headquartered company is forecasting that 2017 trading will increase by nearly £100m to around £360m.

Annual accounts to December 2016 also show profits (EBITDA) rose by £4.4m to £24.8m in the same period and it is expected 2017 global profits will increase further to around £42m.

EnerMech employs 3000 staff across 40 locations in the UK, Europe, the Middle East, Caspian, Asia, Australia and the Americas.

The acquisition in January of electrical and instrumentation specialist EPS Group, which has a presence in Australia and the US, expanded the Group’s capability beyond its original mechanical focus and has provided EnerMech with access to large scale infrastructure projects and entry to the metals and utility sectors.

EnerMech chief executive officer, Doug Duguid, said: “We remain focussed on increasing our presence in international markets, strengthening our reputation in our core energy sectors, while building on the significant inroads we have made in to other important markets such as infrastructure and utilities.

“We have focussed on developing fresh ways of working and introduced innovative new business models for clients who are seeking a different approach in light of the changed oil and gas environment. Prudent cost savings, a strategic expansion into new sectors, and carefully targeted acquisitions, underpin what is an encouraging set of financial results.

“EnerMech is constantly evolving and our approach to providing truly integrated engineering services means we can remain agile and responsive to client requirements, which puts us in a strong position to maximise growth potential in the years ahead.”