2014-15 Financial Report

The Group turnover for Harris Pye Engineering Group Limited was confirmed at above £100 million with an EBITDA (earnings before interest, taxes, depreciation and amortization) of over 10%.

This was achieved due to the key creation of Harris Pye’s project management division in the Middle East to over £73m.

With the success of their milestone projects, this was key in creating growth and expansion throughout the Group. Milestone projects include- Ocean Patriot (£12million), DDII (£7.5million), Ocean Confidence (£4.5million) and Gorilla 111 and V1 (£1miliion).

The Groups continued project performance exceeded customers’ expectations, thus resulting in returning customer confidence on future projects.

To continue growth, concentration on expanding existing markets with new and current customers is their priority. As well as identification of new markets complimentary to their technical capabilities.

Harris Pye provides a turnkey solution which the customer can have full confidence in their project ability, from start to finish. As per their global strapline “Delivering Excellence” on time and within budget.

Forecast for the next 12 months sees expansion, 10% growth in turnover and growth of EBITDA to £14 million. The current order book is greater than previous years with £50 million to date in February. Future projects foresees the Group under take works in the Middle East worth £15 million and with a value of over £10 million with major cruise line operators.

Investment into training was significant last year with over £1 million spent across the Group.

Capital Expenditure seen significant investment spent on IT infrastructure, and the fabrication plant in Llandow. Also set aside is £0.5million for new machinery so as to increase capabilities in house. With over £4million budgeted for expansion in facilities such as Singapore, Saudi and Brazil.

Provisional funds have also been allocated for 15 new graduates to join the Group in 2015 budget.