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MSIS looking to clean up after near-£1m injection

MSIS chief executive Chris Lloyd
MSIS chief executive Chris Lloyd

MSIS said yesterday it was on track to rapidly grow its share of the global oil and gas environmental services market after a near-£1million investment in expansion during its last full trading year.

The company, which operates from headquarters at Thainstone, near Inverurie, and a base in Invergordon, provides specialist cleaning services to oilfield and industrial markets.

It reported a solid performance over the past year, with 19 jobs created in a “positive trading performance” amid the oil and gas downturn.

MSIS said it had assets and contracts in the UK, Middle East, west Africa and Brazil to support a strong and growing pipeline of sales.

Its international business accounts for more than 20% of group turnover, with the firm eyeing further new opportunities in selected markets.

MSIS, which is owned by London and Manchester-based private-equity firm Primary Capital Partners, recently worked on a mechanical tank cleaning project in Brazil and now has two of its specialised units in the region to carry out more work later this year.

It said its partnership with AES Clean in Brazil had created a successful platform on which to build significant opportunities in the country.

The new recruits include Andy James, who joined the business as chief operating officer after several years as managing director of ICR Integrity subsidiary Chemical Injection Utilities.

MSIS is looking to further expand its senior management team amid a pick-up in its core markets.

Chief executive Chris Lloyd said: “We are entering the second quarter of 2018 with a strong pipeline of sales and are extremely confident in our ability to grow our client base, both in the UK and overseas.

“Despite the ongoing market challenges, we have continued to invest in our people and assets, and delivered high quality and efficient services in several key and growing international markets.

“Like many businesses we have been affected by one of the most severe downturns in our industry’s history, however, our UK industrial division continued to provide a solid earnings stream throughout.

“More positively, in the current year the oil and gas market is showing signs of recovery.

“In addition, MSIS is already providing services to the decommissioning market. Our focus now, in our 20th anniversary year, is to ensure we build upon the steps we have taken to expand our reach and to grow the business from these foundations.”

Accounts for the year ending June 2017 show pre-tax losses narrowed to £5,919, from a trading deficit of £419,275 during the previous 18 months.

Turnover during 2016/17 totalled £6.4million, down from £12.8million in the longer 2015/16 accounting period.

Highlighting a more useful turnover comparison, MSIS reported a figure of £7.1million for the 12 months to June 30, 2016.

The company employs 81 people across its UK sites and overseas operations in Brazil, the Middle East and west Africa.

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