‘Best ever year’ results in huge growth at First Tech Group

13/12/2023
Martin Suttie (First Tech)

ABERDEEN-based energy services firm First Tech Group has almost doubled its workforce after recording its best ever year.

The Bridge of Don headquartered firm recorded turnover of £45.5million in the 12 months to 30 April 2023, up from £23.8million in 2021-21.

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Pre-tax profits were £3.4million, reversing losses of £2.5million previously, while earnings before interest, tax, depreciation and amortisation trebled to £7.39million, from £2.3million last time.

Chairman Martin Suttie confirmed the the increase in revenues has resulted in the group’s headcount jumping from 140 to 250.

Sales were boosted by the mooring specialist’s First Marine Solutions (FMS) and First Subsea subsidiaries claiming a larger market share in their sectors. Its training arm, First Competence, has meanwhile been developing a virtual reality back catalogue.

Around 50% of group revenue is now attributed to renewable energy activities.

“The good thing is it is not a one-off,” Mr Suttie told Energy Voice this morning, pointing to jobs growth post year-end in 2023.

“We’re expecting to have a similar year in the financial year to April 30 2024,” he added.

Acquisitions

During the year, First Tech acquired North Sea Compactors, a small business of four people which operates in the oil and gas and renewables sectors – and complementary to its First Integrated business. Further acquisitions could be on the cards.

Although First Subsea is “very international” the remainder of the group is focused firmly on the UK North Sea, making up around 75%-80% of their work.

Highlights through the year include a £7m investment in the group’s equipment rental fleet, demonstrating a “long-term commitment” to the sector.

FMS managing director Steven Brown said £50m turnover is an “achievable” group goal for 2024.

Looking ahead, the burgeoning floating offshore wind sector has an exciting role to play in First Tech’s plans.

Mr Suttie added: “We’re a mooring business, and what could be more important in floating wind than mooring? It’s an absolute challenge to moor these huge structures into the most hostile of environments – and we are experts in that through doing it every day with drilling rigs.”

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