Flexlife, specialist provider of flexible pipe integrity and engineering services for the oil and gas industry, has demonstrated enhanced business growth in its annual results for the year ending 31 March 2014.
This includes an increase in headline EBITDA to £1.034 million and a 5% increase in like-for-like group turnover to £14.9 million, making the company's highest revenue and profit to date.
Aberdeen based Flexlife, which launched seven years ago, is widely recognised throughout the industry for its expertise and excellence in the integrity and engineering of flexible risers and flowlines. The company's latest financial results have been driven by an increase in positive cash generation from global operating activities and a 50% increase in client numbers.
Flexlife Chief Executive Officer Ciaran O'Donnell, said: "Last year we recorded our highest revenue and profit figures to date, marking an improvement on previous years. In our current financial year we will feel the affect of the well-documented challenges facing the oil industry, but we continue to work on gaining more of the global integrity management market share."
Flexlife has accrued an enviable breadth of subsea expertise through its work with operating companies across the industry. With engineering staff located at its HQ in Aberdeen and its Newcastle and Houston offerings, the company is continuing to add new services to operators, building on its heritage in technology and service development around flexibles.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.oilfieldtechnology.com/special-reports/23122014/flexlife-announces-increased-revenue-and-profit/