STATS Group posts record trading results with further growth forecast

STATS Group has posted record trading results in 2023 with revenues increasing to £74.7 million while EBITDA* earnings rose to £12.1 million, its latest annual accounts show. The pipeline technology specialist increased revenues by 26% while earnings rose 33% compared to 2022. STATS Chief Executive Officer, Stephen Rawlinson, said: “The group has delivered an excellent trading result for the year, with 87% of revenue derived from activities outside the United Kingdom, reflecting our ongoing commitment to develop and invest in localised operations in key international markets.

In the Middle East, STATS was engaged on Saudia Arabia’s largest ever subsea isolation project and recorded significant growth in key markets including Qatar and the United Arab Emirates. In the United States, the company continued to broaden its customer base with notable expansion in supplying products and services to the offshore market, while in Canada, which is the group’s primary fabrication hub for North America, it delivered the fourth phase of a major intervention contract in support of gas distribution network upgrades throughout British Columbia. The successful delivery of a large diameter subsea isolation project in Malaysia and completion of the first Remote Tecno Plug scope in Indonesia underpinned expansion in Asia, while the setting up of a new entity in Australia signalled the group’s commitment to responding to a growing customer base.