Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Oil upturn leads HCS Control Systems to 112% boost in turnover

HCS Control Systems. Dean Fearn at work on one of the company's latest offshore projects within its Inverurie factory.
HCS Control Systems. Dean Fearn at work on one of the company's latest offshore projects within its Inverurie factory.

An upturn in the oil and gas industry has seen turnover at an engineering firm more than double as it eyes international expansion.

HCS Control Systems in Glenrothes, which recently opened a new base in Aberdeenshire, reported an increase in turnover of 112%, from £5 million in 2017 to £10.7m for the year ending December 31 2018.

Pre-tax losses had also fallen dramatically from £3.9m to £1.6m.

Chief financial officer Neil McGuinness attributed the sharp increase in turnover to a general upturn in the oil and gas industry.

He said: “Like everyone else in the industry we suffered when things weren’t going so well in the energy industry.

“It’s good to see the oil price come back and we have benefited from that.

“Essentially, we have done better proportionally than the rest of the market and we are hoping that there is more to come this year and in the next few years.”

The opening of a new facility at Inverurie in Aberdeenshire has also made a significant contribution to the firm’s bottom line.

Opened in 2018, the new unit offers offshore personnel, test and assembly facilities, equipment maintenance and equipment storage.

Mr McGuinness said: “The Inverurie facility is going very well.

“We’ve gone from a standing start of just one employee, to more than 22 in just 14 months.”

Following the success of the Inverurie base, the firm is now eyeing international expansion into the Gulf of Mexico and is considering opening a base with Houston or Louisiana strong contenders for the new location.

HCS Control Systems

Staff numbers at HCS had also increased, with some staff members who had previously been made redundant at the firm being taken back on.

The annual report shows that employee levels went from 43 in 2017, to 61 last year, with three directors, 31 staff in management and administration, with 27 workshop staff.

Salaries and associated costs rose from £1.8m to £2.8m.

Mr McGuinness added: “When we had to make staff cutbacks, it was always our intention to take them back on when the situation improved.

“I’m pleased to say that we have started this process and some of the staff who had found other employment have actually made the decision to leave their new employers and come back to us.

“The recruitment purely down to more activity.

“In this industry, there is a balance to be struck in having a core team and enough staff to do the job.”

More from Energy Voice

Latest Posts