ABERDEEN-BASED EnerMech announced yesterday that it has increased its global revenue by £100 million, with its profits up by £44m.

The improvements have been put down to diversification by the company and and success in Australia, as well as a boost to its financial performance in the USA.

The integrated mechanical and electrical services specialist firm, which was set up 10 years ago, posted a 2017 group turnover of £361.4m, up from £263.9m the previous year, while profits increased by £19.3m to £43.6m.

EnerMech, which has 3500 staff across 40 locations in the UK, Norway, the Middle East, Caspian, Asia, Africa, Australia and Americas, has evolved into one of the world’s leading integrated mechanical and electrical contractors.

The firm serves onshore and offshore oil and gas, liquefied natural gas (LNG), renewables, mining, defence, power, infrastructure and petrochemicals sectors.

The company stated yesterday that around £45m of its revenue growth had come from the acquisition of electrical & instrumentation specialist EPS Group Australia in early 2017.

Annual accounts lodged at Companies House for the year to December 2017 show EnerMech’s UK business continued to weather the oil and gas downturn, despite a drop in turnover to £116m from £128m in 2016.

In the UK, where the company employs 1000 staff, EnerMech posted earnings before interest, taxes, depreciation, and amortization (EDITDA) of £9.9m compared to £15m the previous year.

EnerMech chief executive officer, Doug Duguid, forecast that global revenues would increase to £430m with EBITDA in the region of £59m, and said the business would also experience growth on the back of increased investment in the region.

Duguid said: “Our global strategy of diversification, both in terms of the services we provide and the markets we are competing in, is proving successful and this is strongly demonstrated by our financial results, however we are also starting to see a return to growth in our traditional oil and gas market.

“In five of our seven operating regions, we experienced significant growth, particularly in Australia where revenue almost doubled, and in the US where growth of our industrial services and E&I offerings plus exposure to large LNG projects more than doubled turnover.

“In Africa too, strategic contract wins in Angola, Nigeria and Ghana saw activity levels increase by 50% in 2017, while in Asia we improved on our 2016 performance by securing important contracts in Korea and Malaysia.

“The Middle East and Caspian region remained steady in 2017, while Europe was the only region in which revenues declined, due to the well-documented drop off in new oil and gas projects and the deferral of non-essential maintenance activities.

Duguid added: “The prospects for our 2018 financial results are very positive and we expect further growth in the Americas and Australia in particular.”