The oil and gas sector’s recovery helped revenues more than double at Fife engineer FTV Proclad International last year.
The Glenrothes firm’s sales lifting 140% to £7.5 million for the year ending November 30, though the company’s pre-tax loss was similar to last year at £3m.
Part of Dubai-based Proclad Group Limited, the Viewfield Industrial Estate company provides specialist engineering services to the marine and offshore sector.
As recently as 2015 the company had sales of more than £20m, at which point more than 170 staff were based at Viewfield Industrial Estate.
The oil and gas downturn led to a restructure of the business, with a spate of redundancies in early 2016.
In his strategic report in the company’s accounts, director Derek Shepherd said the company was on the road to recovery and well positioned to grow this year.
He said: “The company’s reputation for delivering a world class service remains
“However, the long period of declined investment into new projects within the industry worldwide has had a significant impact on the company’s short-term order outlook.
“Fortunately early market indicators are providing directors with the confidence that markets are now recovering and that the business is well positioned to take advantages of opportunities for growth going forward.
“As part of a wider diversification strategy to reduce its ongoing dependence on the oil and gas sector, the company has also invested efforts in new industry sectors which complements the existing skill sets and expects to see new revenue streams generated in 2019.”
Part of the Proclad Group, FTV Proclad International is one of the few engineering companies in the world that offers a complete solution in-house – from supply of materials through to heat treatment, specialist machining, weld cladding, forged fittings and induction bending.
Last year the firm’s average number of workers increased from 93 to 102.
Mr Shepherd added: “The company remains a market leader and expert in its field and along with the continued investment in new technologies planned for 2019, the directors believe that it remains well positioned for future growth and that it is sound both operationally and financially.”
rmclaren@thecourier.co.uk