Gateshead coating firm reports successful year
A Gateshead-based protective coatings company has reported turnover of £74 million, after witnessing significant growth in demand from the offshore oil and gas sector.
Pyeroy, who are based in Gateshead, employ over 1,200 people across the UK and Ireland and specialise in industrial scaffolding, insulation and painting services registered pre-tax profits of £2.9 million. This was lower than the previous year, but still ‘robust’ in the face of tough trading conditions.
However, the firm is now looking forward to health growth over the next few years, with an order book worth more than £135 million.
Work from both the onshore and offshore sectors has growth significantly, while the marine, infrastructure and environmental services have also witnessed a strong performance.
Managing director Hugh Pelham said the company is in good shape financially and is planning for continued growth following a refocus of core capabilities to ensure the firm is well placed to meet changing conditions.
“Despite the continuing economic pressures, these are a great set of results and reflect how well we are meeting the needs of our customers.
“There’s also a stronger requirement for a higher quality, better trained workforce than ever before, which is why we continue to invest in creating well trained and motivated people.
New contracts to support the refit of several Royal Navy vessels including HMS Northumberland and HMS Torbay have boosted the Marine Services division while completion of an asbestos removal and disposal contract in the Arabian Gulf has seen demand for Pyeroy environmental management expertise grow internationally.
The £150m contract to provide painting and access services for the construction of the Royal Navy’s new aircraft carriers also continues as capacity continues to ramp up as build of the large hull modules progresses apace.
And in a further move to support growth, new offices have been opened in Aberdeen and Great Yarmouth to bolster customer demand for specialist protective coatings, scaffolding, insulation and asbestos remediation services for the UK Continental Shelf.
Mr Pelham continued: “It enables us to focus on delivering quality, which is what’s required when you want to work for the likes of Network Rail, Babcock Marine and BAE Systems, and is seeing us emerge strongly from the some of the worst trading conditions for decades.
“Looking forward, we are now well placed to see continuing strong growth across all areas of the business through our strategy of added value, further cementing our position as a market leader.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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