Bosses at Aberdeenshire-based torque specialist EnerQuip are celebrating a record year and expansion overseas.
Total revenue exceeded £20 million, with capital equipment sales topping £14m and sales and servicing business accounting for £7m.
The company said the Middle East, North America and Europe were key in taking 96% of its total business to international markets.
EnerQuip currently employs 110 people across its global operations, including UK bases in Findon, near Aberdeen, and at Lybster, Caithness.
Bigger workforce and Middle East base are in EnerQuip’s plans for 2024
The headcount is expected to rise by up to 15% in 2024 as additional staff are recruited to fulfil ongoing growth ambitions.
These include harnessing the potential of the recently expanded global headquarters at Findon and plans to relocate to larger premises in Houston in the US.
The company is also close to establishing a permanent presence in the Middle East.
Managing director Andrew Robins said: “By working hard to maximise growth in key locations we have been able to capitalise on fulfilling pent-up demand for equipment post-pandemic, enabling our business to flourish and record our best year so far.”
Some £750,000 has been ploughed into expansion in the Middle East, including the recent opening of a 1,50 sq ft. facility in Abu Dhabi.
Meanwhile, the firm’s global head of sales, Darren Bragg, will soon be relocating to
oversee operations in the Middle East as regional general manager.
News of the record revenue comes as the company marks the 35th anniversary
of a product line which, according to an EnerQuip spokeswoman, remains “woven through the global leader’s corporate DNA”.
The story behind the firm’s “innovative” mobile torque unit (MTU) began 35 years ago with the launch of AMC Engineering in Aberdeen, by Alec McCutcheon.
Caithness-born businessman Andrew Polson led the AMC business after a management buyout in 2006.
The company was sold to Forum Energy Technologies in 2011.
EnerQuip acquired the AMC product line, including the MTU, from Forum last year.
By working hard to maximise growth in key locations we have been able to capitalise on fulfilling pent-up demand for equipment post-pandemic, enabling our business to flourish and record our best year so far.”
Andrew Robins, managing director, EnerQuip
Mr Bragg said: “Our innovative mobile torque unit continues to form the centrepiece of our growing portfolio.
“When technology of this calibre is backed by the quality of people we have on our growing team, the result speaks for itself.”
Last year saw the firm acquire Fife-based precision machining company Diamac Engineering, which it said would drive expansion in its workforce.
Diversification opportunities
Adding the Cowdenbeath specialist to its portfolio brought additional machining capability for the group in-house, as well as offering new diversification opportunities.
Diamac generated more than half of its total revenue from outside the energy sector.
Launched in June 2015 from a base in Aberdeen, EnerQuip offers services including the manufacture or upgrade of torque equipment from concept and design through to installation and commissioning, servicing, calibration, repair and maintenance, training and consultancy.
The company won a prestigious Queen’s Award for international trade in 2021.
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