Stats Group has increased its revenue to just under £50m, while its earnings before interest rose to £7.8m, up from £6.5m a year earlier.
The pipeline technology firm's accounts for the year ending 31 December 2021 showed revenues increased by 17% - or £7.2m - to £49.7m, while pre-tax profits rose from £1m to £1.5m.
Its strongest performing region was the Middle East, with its revenue there increasing from £7.9m in 2020 to £11.6m last year, while in Malaysia income was also up, to £1.4m.
The group consolidated growth in its domestic UK market, with revenues rising from £5.1m to £6.7m year-on-year, while the Canadian market grew from £6.7m to £7.8m.
Headquartered in Kintore, near Aberdeen, STATS provides pressurised pipeline isolation, hot tapping and plugging services to the energy industry.
Group chief executive Leigh Howarth said: “Internationalisation remains a key strategic objective for the group, with 87% of revenue in the year derived from contracts executed outside of the UK.
“Notwithstanding the continuing impacts of Covid-19, we’re expecting to see a further rise in revenue over the coming year and in support of our strategy to further internationalise, we’ll be considering plans to increase our local presence in both Saudi Arabia and Australia.”
STATS continued to expand into North American, with new client relationships in the US.
In the Saudi Arabian market, the company strengthened its position with the award of a major subsea intervention project, while in Australia several intervention projects were completed using its patented BISEP tools.
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