A CABLE firm is celebrating after recording its best ever year.
Hartlepool-based JDR, which makes underwater cables for the offshore energy industry, has published its results for 2012.
It showed revenue rocketed by 56 per cent to £129.9m compared to £83.2m in 2011 and bosses say the upturn could continue.
Chief executive Andrew Norman predicted even brighter times ahead and said: “Combined with a favourable market environment, we are confident that JDR has the ability to deliver continued growth in 2013 and beyond.”
Mr Norman said his company’s ability to deliver complex projects and its comprehensive service which covered everything from design to help after the product was completed, was the reason why JDR was “in a powerful position from which to drive sustainable and profitable growth.”
A closer look at the statistics showed JDR’s assets soared from £13.5m two years ago to £31m now.
It has already paid off bank debts to give itself financial flexibility and has spent £2.5m on continued enhancements at the state-of-the art Hartlepool plant in Greenland Road, which now employs 157 people.
JDR had a record order intake of £112.5m in 2012 and a spokesman said the company was “confident about the order intake for 2013 and beyond”.
A company statement said: “The new financial year has started well and performance is in line with management’s expectations.
“This, combined with the growing global market for offshore energy, gives the board confidence in JDR’s ability to deliver continued growth during 2013 and beyond.”
Highlights for JDR in 2012 included:
l Improved productivity across the business thanks to long-term investment in manufacturing facilities;
l Important new supply deals announced with Swiber Offshore Construction for the Brunei Shell Petroleum Champion Field, German offshore wind energy company WindMW GmbH and the completion of major oil and gas projects for Santos in Australia and China National Offshore Oil Corporation.
The company’s Earnings Before Interest, Taxes, Depreciation and Amortization was a £25.8m last year compared to a loss of £4.1m in 2011.
l Mail view: Page 8