Harwell-based energy and environment consultancy, AEA Technology, has reported a strong performance for the year ending 31 March 2009, with results boosted by its expansion into the US market.
The group reported revenue up 16 per cent to £93.7m from £80.9m a year earlier. Operating profit increased by five per cent to £10.4m and adjusted profit before tax was up from £9.4m to £10.6m, representing a 13 per cent increase.
Commenting on the results, AEA’s chairman, Dr Bernie Bulkin, said: ‘Even in these difficult market conditions, I am pleased to announce that the AEA Group has delivered a sound financial performance. I am also proud of the mission-critical work we are doing for our government and private-sector customers throughout the world.’
In 2008, the group acquired Project Performance Corporation (PPC), an American data management company whose clients include the Environmental Protection Agency (EPA) and Department of Energy (DOE). According to AEA, this acquisition has strengthened its financial position, helping to secure a $2bn (£1.2bn) pipeline of order opportunities.
Andrew McCree, chief executive of AEA, said: ‘The successful acquisition and integration of PPC in the US means that AEA is now in a strong position to benefit from President Obama’s stimulus package on energy efficiency and climate change.
‘With a new pension deal and much stronger cash generation, the AEA Group is now well positioned for growth.’
Despite a strong performance in the US, the company said that the UK’s public- and private-sector markets had suffered from the economic downturn and the downward trend was likely to continue. As a result, AEA said it plans to expand its customer base in the UK public sector and will push for organic growth in the private sector through global projects.