The boss of an Angus oilfield services firm praised his “exceptional” workforce as the company returned to profit.
RMEC recorded a strong set of results which put the firm in a strong position to meet the challenges posed by Covid-19.
The newly filed accounts for the year ending March 31 2020 show revenues rose by 35% to £11.8 million.
The company made a pre-tax profit of £618,000 compared to a pre-tax loss of £624,000 in 2019.
Covid’s impact on sector
Established in 2004, RMEC rents well services equipment to the oil and gas industry.
Based at Cotton of Pitkennedy by Forfar, RMEC has a large workshop, an internal storage facility, a storage yard, secure internal hydraulic store and office premises.
Its services also include maintenance, pressure testing and recertification of equipment.
Managing director Bryan Fagan said the pandemic had challenged his sector “like never before”.
He said: “These accounts cover a period when the oil and gas market was beginning to recover from five years of a downturn but before the impact of the pandemic.
“They reveal a healthy position, underlining the resilience and stability of the business. They reflect steady, sustainable growth and improved profitability.
“This allowed us to safeguard our workforce and remain competitive throughout 2020 when the difficulties of operating during Covid restrictions have challenged the industry like never before.”
Pride in workforce
RMEC cited the combination of its agile approach and a strong order book of international contracts as key contributors.
It also made a six-figure investment in a second on-site test bay for hydrostatic and high-pressure gas testing.
Mr Fagan said the company’s outlook was positive and paid tribute to its 40-strong workforce.
He added: “Around a third of our orders are now international including exports to the Eastern Hemisphere. Our domestic market remains strong.
“Fleet rentals make up around 75% of the business. Our new additional test bay is also making a significant impact on our bottom line.
“All of this is made possible thanks to our exceptional workforce who have remained loyal and dedicated to our success.
“I am extremely proud of the role they continue to play in supporting our clients and each other throughout the pandemic.”
