ICR Integrity (ICR), a leading global provider of integrated maintenance and integrity solutions to the oil and gas, power, defence, nuclear and renewables industries, has posted its annual results, (year ending May 2020), reporting revenue of £33m representing a 5% increase on the previous year.
Underlying earnings before interest, taxes and amortization (EBITDA) was £6.4m (FY19 £7.7m) reflecting the impact Covid-19 had on UK trading volumes in April and May 2020.
The financial statements demonstrate ICR’s expanding global footprint – revenue from non-UK markets increased to 52% from 43% the previous year. Notably, the firm’s successful joint venture in Australia increased its turnover for the year to £7.7m (up from £4.7m) highlighting ICR’s expanding international presence which continues to be a focus of investment. During the pandemic, the business successfully launched online training for international customers and partners to mitigate the impact of travel restrictions.
Alan McQuade, Chief Financial & Strategy Officer, ICR, said: “The financial results reflect a challenging period, especially for our UK operations as the pandemic started to impact trading conditions, however we have performed resiliently, maintained headcount and are delighted to report a record month in May 2021 with EBITDA in excess of £1.2m.
Our performance over the last 15 months has been underpinned by our global footprint and broad service offering and investment in the year ahead will be focussed on taking our services to new international and industrial markets, augmented by the OMNI integrity management software launched earlier this year.”
ICR operates in global locations including Europe, MENA, Australia, ASEAN and North America with a total headcount of 200.