IMES Group has increased year-on-year turnover by 14% and is targeting further growth in the next 12 months.
The international specialist engineering and inspection business, which supports the oil & gas, aerospace & defence, marine & shipping, nuclear and renewables sectors, has reported a rise in turnover from £7m in 2013 to £8m for its April 2014 year-end.
The business recorded pre-tax profits of £750,000 for this period. IMES is targeting turnover of more than £9m for its next financial year. The shareholders continue to invest all profits back into the business.
Jason Smith, chief operations officer at IMES, said: “The business is on a firm footing with a series of integrity, inspection, asset management, life extension and product innovation contracts secured across various engineering sectors.
“The core of the business remains inspection and integrity solutions for high integrity assets including cranes, lifting equipment and rope access solutions. New integrity management contracts secured in the offshore oil and gas, defence, and harbour industries and for the UK’s largest crane at Rosyth have played a key part in helping the business achieve its growth ambitions
“As well as further growth in the UK, we expect continued revenue expansion from projects in China and Singapore as well as mainland Europe. Successful distributor agreements with Viper and NDT Technologies for high-quality wire rope inspection and lubrication products which enhance safety also continue to contribute to growth.
“IMES is rapidly developing reputation as a specialist engineering company able to solve problems has led to several new workscopes with large companies keen to tap into its broad range of expertise.
“More than 10% of turnover is invested in customer-led research and development programmes. This significant investment over the past two years is now coming to fruition. One example is the company’s range of subsea load cells which offer a range of enhanced benefits.”
IMES Group, which has its HQ at Bridge of Don in Aberdeen, has a team of 70 across its seven operations and expects to recruit an additional 10 people by the end of the year.