Hot on the heels of the group moving to a new, larger North-east base, the company has announced its year-end figures for 2011, which reveal that its turnover increased from £6.4M in 2010 to £9.6M in the last 12 months.
During the same period, MSIS’ EBITDA (Earnings Before Interest, Taxation, Depreciation and Amorisation) rose 40 per cent to £1.6M.
MSIS’s international division played a key role in driving the group’s success, accounting for 20 per cent – £2m - of its turnover.
Throughout 2011, the company’s two divisions - Oilfield Services and Industrial Services - performed extremely well, with both experiencing significant growth over the previous year.
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The company’s onshore operations benefited from higher levels of industrial cleaning activity, whilst offshore the group was awarded a number of major contracts with international oil and gas operators.
The recording of the impressive year-end figures comes on the back of MSIS becoming the first tenant at the newly established Kirkwood Commercial Park in Inverurie.
MSIS’ Chairman, Chris Lloyd, commented: "We’re very pleased to have recorded strong growth increases in both turnover and EBITDA - achievements which were driven by the talent and hard work of our employees.
"Scottish Enterprise has also been a huge help in assisting us in developing our international strategy.
"Looking ahead, we will continue to build on this growth through further expansion in West Africa, which will see us use our Ghanaian base as a strategic hub, for neighbouring countries such as the Ivory Coast, where we will begin work next month. Key to our future success will be continuing to develop our relationships with customers whilst all the time focusing on providing an exceptional quality of service."
With bases in Inverurie, Invergordon and Sekondi-Takoradi, in Ghana, the MSIS Group is a specialist provider of industrial cleaning and environmental waste management services to the oil and gas utilities, distilleries, construction and civil engineering sectors.
(GK)
