Pryme Group, the Aberdeen-based innovative engineered solutions provider, has reported significant revenue and profit growth for the year to 31st March 2022. Revenue grew to £40.7 million (increase of 173% compared to previous year), gross profit to £7.5 million (+258%) and EBITDA to £1.9 million (+423%).
The year featured significant corporate transformation, including the acquisition of Caley Ocean Systems Limited and IMES International Limited, investment in people, equipment and facilities, and the restructuring of its specialist manufacturing operation.
During the year, Pryme Group management increasingly focused the business onto high quality opportunities in the energy sector, with a strong focus on energy transition, and defence sector. More than 70% of Pryme Group business now comes from these two sectors.
In energy, Pryme Group’s successes during the year included the deployment of pioneering stabilisation systems for the foundation installation of two major offshore wind farms in France, and delivery of a handling and alignment system for the installation of the seawater cooling tunnels at Hinkley Point C nuclear power station (which led to a major follow-on order for the cooling tunnel system). The group also secured a contract to design and supply an innovative barrier qualification chamber for well plugging and abandonment methods, and continued precision component manufacturing for a market leading subsea electrical connector supplier.
In defence, the group’s successes during the year included contracts related to mission-critical handling systems for vessels of the US Navy (new-build and overhaul) and Irish Naval Service (overhaul). Pryme Group also delivered inspection and testing services for lifting and handling equipment at Royal Navy dockyards, and precision component manufacturing for electronic wiring interconnection and landing gear suppliers.
Tyler Buchan, CFO at Pryme Group commented: “Alongside the corporate transformation steps made during the year, we invested in people, equipment and facilities to strengthen our business performance. For example, we made a half-a-million-pound investment in specialised CNC machines to support our world-class manufacturing capabilities in precision miniature components for the defence sector. We also committed a similar amount for a new service centre in Plymouth supporting lifting and handling equipment services for naval defence customers. Our investments and management focus on service quality led to improving business performance during the financial year, with high levels of repeat business from key customers and a record order book at year end. This improving business performance has continued into the current financial year”