Ecosse Subsea has increased its turnover and underlying earnings in the current financial year largely due to a number of completed offshore wind and interconnector projects, the company said.
Ecosse Subsea, the parent company of Ecosse Subsea Systems (ESS), has more than doubled turnover to GBP 27.7 million and increased underlying earnings according to annual accounts lodged at Companies House.
Financial results to 31 March 2017 show the company, which provides engineering, technical, equipment hire, fabrication and manpower services to the renewables, interconnector and oil & gas industries, ramped up turnover from GBP 12.7 million to GBP 27.7 million, while EBITDA rose to GBP 7 million.
ESS said the financial performance was a result of previous R&D spend of more than GBP 10 million and increased adoption of its SCAR technologies for offshore renewables and interconnector projects, aligned to growth in oil & gas engineering activities.
ESS Chairman, Mike Wilson, said: “We have concluded a number of major offshore windfarm projects and interconnector contracts in the last year and our greatly increased market share is reflected in these excellent results.”
The company will continue investing in R&D, which, ESS believes, will generate future returns in 2018 and beyond. ESS emphasized that the example is its new trenching tool SCARJet in which a proportion of 2017 profits has been invested.
“In the current financial year we have already secured an order backlog in excess of £20m and we are forecasting that 2018 figures will continue on an upward trajectory. Changes we made to strengthen our management team earlier this year are already paying dividends and as these results show, we are primed to push on and take ESS to the next stage of its evolution," Managing Director, Mark Gillespie, said.
“Revenues in Europe over the last financial year grew to more than £9m and this expansion out with our traditional UK market signals we have a strong offering which has a wider appeal across a range of major international subsea construction projects."