AN Aberdeen-based provider of maintenance, inspection, and integrity solutions has declared it is reaping the benefits of diversifying beyond its core oil and gas market.
ICR Group has reported its highest turnover since launching in 2011 and committed to expanding its workforce “significantly” over the next year, as it highlighted growing work in the renewables, telecoms, petrochemicals, nuclear and defence sectors.
It also underlined the impact of its growing presence in international markets.
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The company hiked turnover by 20% to £41.7 million in its 2022/2023 financial year, boosted by a strong performance in the UK and Norwegian sectors of the North Sea and “record” activity in the Middle East. It highlighted “high value” work in the United Arab Emirates, Qatar, and Saudi Arabia and a new partner in Abu Dhabi as underlying profits were booked at £9m for the period.
ICR noted that oil and gas remain “core” to the business it is increasingly focusing on new onshore industries.
It comes after chief executive Jim Beveridge said last month that the company was looking to participate in the energy transition to stay “relevant”, declaring that “standing still is not an option”.
Mr Beveridge said yesterday: “This is extremely positive growth for our business and is testament to the hard work and drive of our team. The continued internationalisation of ICR further supports our long-term sustainability, ultimately helping to create meaningful and lasting jobs to make us part of the energy transition.
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“These outcomes illustrate how the business is remaining relevant across multiple sectors as we diversify our portfolio while maintaining and developing opportunities in existing markets. These are exciting times for ICR as we repeatedly demonstrate our value-adding capabilities and consequently strengthen our market position.”
The growth being experienced by ICR has seen increase its headcount by 15% to 235 since May 2022. And it plans to add to its roster with a further 50 new roles in the year ahead; around 30 of those jobs are likely to be in Aberdeen.
In addition to its presence in the Granite City, ICR has UK offices in Carnforth and Hemel Hempstead. These are complemented by the firm’s growing international standing, which includes operations in Stavanger (Norway), Abu Dhabi, Houston (USA) and Perth (Australia), as well as partners in over 25 countries.
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Growth across the Atlantic has seen the team in Houston expand to 18, with the team handling onshore telecoms drone inspection work through newly secured contracts and regular repair scopes in the Gulf of Mexico.
The company noted that its drone division, Sky-Futures, has secured further work in the UK and internationally. It provides clients with inspection reports and data in support of asset build or inspection programmes.
Group managing director Alan McQuade said: “We retain a strong position in the UK but more than half of ICR’s revenue is now generated in international markets. Our global operations and network of strategic partners mean that we can react quickly to customer requirements, and this footprint provides access to further growth for ICR. As we aim to capitalise on these opportunities, we are actively seeking to expand our team across all operations.”
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