Engineering company Brimmond Group, of Kintore, Aberdeenshire, is toasting higher turnover and a 35% increase in the value of its rental equipment contracts in its 25th year.
Brimmond is projecting turnover of up to £6 million for its 2020-21 trading year after the large year-on-year jump in rental equipment contract value during the first quarter.
Annual turnover for the whole business, comprising hydraulic, pneumatic, mechanical and electrical services is up 6%.
Oil and gas is, and will continue to be our primary source of revenue for a number of years to come.”
Engineering director Tom Murdoch said: “This success is testament to the in-house skills at Brimmond Group, as well as our hard-earned global reputation for pushing boundaries and developing engineering solutions tailored to meet our customers’ needs, no matter the brief.
“At year-end 2021, the business has managed to increase turnover and remain profitable despite an extremely challenging year. This can be attributed to the adaptability and commitment of the team.”
He added: “Oil and gas is, and will continue to be our primary source of revenue for a number of years to come.
“Going forward, we are actively targeting opportunities for sustainable growth in the renewables, marine and aquaculture markets.
“Since the start of the (new) financial year, we have secured two six-figure contract wins, one supporting a renewables client with the manufacture, assembly, and testing of a new product and the second for the refurbishment of a marine crane for a naval vessel.”
The two new contracts are together worth £270,000, a spokeswoman for the company said.
Brimmond said its rental division revenue grew by 47% in 2020-21, with more than 20% coming from global projects in the Middle East and Norway, among other locations.
Despite OGUK’s Business Outlook 2021 report saying there was a 10% decline in UK oil and gas industry operating expenditure in 2020, Brimmond pointed to strong growth in this area.
Technical director Alan Glennie added: “Due to our diversification efforts into markets beyond oil and gas, as well as our allowing for further space and provisions, we have been able to expand our rental fleet and services significantly.
“The global demand for our range of equipment has remained high over the past 12 months as our clients have focused on operations and maintenance.”
Brimmond was founded in 1996. In 2016, it moved to a purpose-built facility in Midmill Business Park, Kintore, which offered yard, office and workshop space, with large capacity overhead cranes.