Hydro Group Announces Most Successful Year to Date

SeaDiscovery.com
Friday, November 15, 2013
Doug Whyte, Hydro Group managing director

Hydro Group Plc, a global design and manufacturer of underwater cables and connectors for subsea, underwater, topside and onshore applications, has posted its 2012-13 (to year end March 31) results with more than a 12% rise in comparable turnover from £6.3 million to £7.1 million and a 136% increase in operating profit from £546,088 to £1.3 million

Doug Whyte, Hydro Group managing director, said, “2012-13 has been our most successful financial year to date. Investment in previous years in new facilities, R&D, new equipment, processes and staff has all played a part in a strategic vision for long-term growth.”

“Additional capacity and manufacturing flexibility has enabled Hydro Group to fully support increasing demands from customers in energy, defense and offshore renewables markets.”

“There has been a significant increase in market activity in all of the subsea business sectors addressed by the company in the last 18-24 months. There has also been an equivalent growth in export sales which represent around 30% of revenue.”

In 2010 Hydro Group opened its £4.2 million state-of-the-art research, design, engineering and manufacturing facility at Aberdeen Science and Energy Park, with further investment in equipment totaling close to £1 million by the end of 2012, including a purpose built cable lay-up machine and additional extrusion equipment. 2013 saw electrical, mechanical and hydrostatic test facilities upgraded.

“This investment in equipment has allowed extension of our product ranges enabling the company to offer longer continuous cable lengths at larger diameters. More complex, composite cable assemblies can now be produced that are more mechanically robust and incorporate a variety of electrical, optical and mechanical strain bearing components. The enhanced product capabilities have also enabled Hydro Group to expand the engineering services for specialist product designs, installation and repair services.”

A major national and international supplier of harsh environment engineered products, Hydro Group experienced growth in both domestic and global markets in 2013, realizing the most significant increases in the energy and defense markets, with £600,000 and almost £2 million worth of contracts secured for each respective markets in the last six months alone.

Mr. Whyte continued, “The next phase of growth began this year, with the opening of our Singapore office where we have initially invested close to £300,000 in developing the South East Asia operation, recognizing it as a potential high growth region for us.

“Our target turnover for the coming year is £8.5 million, with future projected growth predicted to reach £10 million over the next two years. This will be realized by opportunities to grow our domestic and European Energy, Defense and Renewables markets and strong International markets that will require further investment and focus to develop.”

With an extensive product range, Hydro Group takes the raw materials and manufacture from start to finish in Scotland, before exporting globally. Future plans will see the SME continuing to invest in a number of areas of product development, new capital equipment and increase staff numbers from 80-100 in 2014.

hydrogroupplc.com
 

  • Doug Whyte, Hydro Group managing director

    Doug Whyte, Hydro Group managing director

  • Ricci Davidson, Technician at Hydro Group

    Ricci Davidson, Technician at Hydro Group

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

SUNY Maritime Takes the Ice Bucket Challenge

Taking full advantage of one of the summer’s hottest days, twelve administrators and staff at the State University of New York (SUNY) Maritime College today took the Ice Bucket Challenge,

Fraunhofer Researchers Improve Underwater Images

Videos and images of the submarine world are important for the maritime industry. Researchers from Fraunhofer IGD will show how underwater images can be improved

Finance

Norwegian to Buy Prestige Cruises in $3b Deal

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Statoil, DNV GL Drive Subsea Factory Interface Standardization

Statoil has entered into an agreement with DNV GL to establish an industrial cooperation to introduce an international industry standard for subsea process technology.

News

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

Fuel-saving Modifications for Containerships’ Engines

Mitsui Engineering & Shipbuilding Co., Ltd., and 100% owned subsidiary MES Technoservice Co., Ltd., have received an order from a Taiwan shipowner for fuel-efficiency

Tropical Storm Dolly Heads toward Mexico

NOAA's National Hurricane Center issued a tropical storm warning in effect from Cabo Rojo to Barra El Mezquital, Mexico as Tropical Storm Dolly approaches the country’s eastern coast.

Marine Equipment

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

NavStation to Launch at SMM

Touch screen technology has transformed everyday life and now, thanks to Norwegian e-navigation specialist NAVTOR, it is set to revolutionize operations onboard busy vessel bridges.

Imtech Marine Nav/Com Partner for Groen OSV

The first newbuild ship in a series of three offshore support vessels (OSVS) for shipowner Groen (Scheveningen), 7-Oceans, was delivered at Damen Maaskant Shipyards in Stellendam,

Underwater Engineering

Fraunhofer Researchers Improve Underwater Images

Videos and images of the submarine world are important for the maritime industry. Researchers from Fraunhofer IGD will show how underwater images can be improved

Statoil, DNV GL Drive Subsea Factory Interface Standardization

Statoil has entered into an agreement with DNV GL to establish an industrial cooperation to introduce an international industry standard for subsea process technology.

SGS Wet Welding Repairs Approved by DNV GL

DNV GL and Subsea Global Solutions LLC (SGS) say that they have completed an extensive joint research and development program, that will allow permanent repairs

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2441 sec (4 req/sec)