Inverness engineering business Parker Technical Services reports resilient pandemic performance
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An Inverness-based engineering subsidiary is emerging from the Covid pandemic in better shape, despite its impact on output.
The end of financial year report from national asset engineering group Edwin James painted a positive picture of Highland-based Parker Technical Services, previously known as Korrie Technical Services and initially part of the Tulloch construction group.
Its operations saw a loss in the financial year due to the lengthy and strict lockdown period imposed. However, the impact was mitigated by being part of a wider group where performances held up strongly. The operation is performing well year to date and is on track for a return to growth in the current financial year with a strong forward order book.
Commenting on the results, Robert Molloy, executive director, Parker Technical Services, Scotland North, said: “We responded quickly to the pandemic and put the safety of our employees, and those of our clients, and wider community first. The length and severity of the lockdowns in Scotland created operational challenges but the business was able to support customers and their business-critical assets that range from government and education and commercial to utility and defence sectors.
“It was a challenging year for us, but we are emerging from this unprecedented period in better shape. We have a talented and experienced team that we are continuing to develop with new investment in training and development through local apprenticeships and via our EJ Academy. Our order book has never been stronger, and we continue to focus on servicing local communities and customers.”
Group-wide, Edwin James reported that over the last financial year, sales fell by 11 per cent due to the pandemic while profits held up well.
However, following a series of contract wins, the company is announcing a record order book in excess of £500 million and says that it will create over 100 jobs over the next two years.
Its EBITDA (earnings before interest, taxes, depreciation, and amortization) margin is also holding up well at 5.3 per cent, despite the operational restrictions imposed by the Covid-19 pandemic, which demonstrated the resilient nature of the group.
Mr Molloy concluded: “Implementation of a clear and established strategy is expected to deliver a growing customer base and revenue. With the support of a committed workforce, this will produce growth opportunities for all staff, and we look forward to the future with confidence.”
Edwin James Group operates throughout the UK with offices and service centres in Glasgow, Aberdeen and throughout England, as well as in Inverness.
