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Monday, April 6, 2020

Annual results reflect ICR Integrity global growth ambition

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ICR INTEGRITY (ICR), a leading global provider of integrated maintenance and integrity solutions to the oil and gas, power, chemical and defence industries, has posted its annual results (year ending May 2019) reporting revenue of £31m representing a 12% increase on the prior year.  Underlying earnings before interest, taxes and amortization (EBITDA) was £8.8m (FY18 £8.7m) after £1.1m opex investment in global operations.

During 2019, ICR further expanded its operations in the Middle East and USA investing in its international infrastructure and global headcount which grew from 184 to 200 this year.  The firm recently announced over £1m of project awards in the Middle East and the appointment of a new head of sales to support the continued expansion in the region.  A key appointment to lead Norway’s operations has also been made along with expansion in ICR’s North England base to develop ICR’s wider offering in addition to core mechanical on-site services.

With a continued focus on growing its global footprint during and client offering, ICR acquired Sky-Futures in May last year, a leading international provider of drone-based inspections and pilot training for the energy, telecommunications, industrial and government sectors.

Willie Rennie, CEO, ICR Integrity, said: “The Group’s annual results reflect the continued investment in our international expansion and commitment to support our clients’ requirements.  With a focus on ensuring downtime and costs are minimised with safety being at the heart of all we do, our technology and offering continues to provide key sectors around the world with integrity and maintenance solutions.

Our annual results represent positive performance with the underlying focus on investment and global expansion – we are delighted to move into 2020 with solid foundations for sustained growth.”

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