Engineer eyeing growth after 'breakthrough' year

A global engineering firm has hailed its growth potential after a “breakthrough year” delivered record results.

THREE60 Energy says it is primed for “sustained, responsible” expansion following notable successes across the renewables, subsea and nuclear sectors.

The Aberdeen-headquartered company revealed the blueprint after latest results revealed annual revenues jumped 36 per cent to £181.7 million in the year to December 31.

Operating profit at the business, which provides design, construction, manufacture, refurbishment and repurposing support to help clients manage assets, was 30 per cent better off at £2.6 million.

EBITDA at the firm – which earlier this year opened a Teesside office – was 82 per cent higher at £11.3 million.

Bosses say its progress was fuelled by work across a number of energy sectors, with “landmark decommissioning contracts with UK operators” complemented by a takeover of Samphire Subsea and the opening of an Abu Dhabi office.

Walter Thain, chief executive, said: “Our results reflect our growing global presence and our expanded service offering.

“We’ve combined strong financial performance with significant delivery in industrial and geographical diversification, positioning us for continued long-term growth in the services market.”

Kerrie Murray, chief financial officer, added: “This year’s performance is not just about numbers, it’s about laying the groundwork for sustained, responsible growth. 

“Our expansion into the Middle East and acquisition of Samphire Subsea reflect our focus on being a global partner to customers.”

THREE60 Energy’s UK footprint includes sites in Dundee, Glasgow, Newcastle, Portsmouth and Sheffield. 

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