Posted on Monday 11 February 2013 by Ulster Business
The company, which specialises in the construction and maintenance of electrical substations and overhead lines, revealed turnover of £44.5m for the year and said it had already secured new business worth £10m so far in 2013, including four new wind farm projects.
A wholly owned subsidiary of ESB, Powerteam has offices in Perth, Basingstoke, Manchester, Omagh and Belfast. The company said that based on its order book for the next few years, turnover is projected to reach £75m by 2016.
Alastair Dawson, Managing Director of Powerteam, said: "These figures reflect the business development effort made over the last 24 months and provide Powerteam with a strong foundation that we can further build on.
"It is great to see that during 2012 we have added blue chip companies of the calibre of Scottish Power, Electricity Northwest, Northern Powergrid and EDF Energy Renewables to our existing client base that includes SSE and ESB.
"Contracts awarded by these companies include Overhead Line work in Manchester for Electricity Northwest; five Substation projects in Yorkshire for Northern Powergrid; Overhead Line refurbishment work for Scottish Power; and the Fallago Rig Wind Farm project in the Scottish Borders for EDF Renewables."
Mr Dawson said that during the year the company had made significant investments in its fleet, equipment, training, recruitment and IT, as well as securing new premises in Manchester and Perth.
"Our core business - building new, and refurbishing existing Substations and Overhead Lines for electricity network operators is forecast to continue to grow as some of the electricity infrastructure is 40 to 50 years old and has reached the end of its useful life. Renewable energy projects account for approximately 20% of our business and we expect to see this being maintained for the next three to four years.
"Our growth has continued into 2013 as we have already secured new orders valued at £10m including four new wind farm projects - to add to the six that we are currently constructing - a positive start to the year," he said.
Powerteam also recorded a 36% increase in staff levels last year – with the firm now directly employing 200 people and a further 140 subcontractors at any one time.
"To deliver the increased turnover we have undertaken a substantial recruitment process over the past eighteen months. We are planning further recruitment over the coming months in advance of new contracts commencing in Scotland and the North of England," said Mr Dawson.