- 19 years of profitable growth and market leadership
- CM specialists with focus on early stage fault detection techniques
- Key OEM supplier of CM products to blue chip customers world wide.
Financial Statement
The financial year 2010/11 was one of continued growth and re-focus on key competencies. Group turnover grew 30% to $23M (US), inclusive of 9% through organic growth with the remainder through aquisition (N.B. Kittiwake Procal acquired in final week of 2009/10 FY).
Kittiwake Group Turnover
Headlines for the year include:
- High level of R&D investment is now yielding a growing range of on-line CM instruments including launch of our integrated SCAN systems with first sales of ThrusterSCAN to Offshore Oil & Gas.
- Our capability for IR spectroscopy has been expanded with launch of WaterSCAN and FTIR3 for used or in-service oil analysis on and off-line.
- Further major product launches are scheduled for Holroyd (Q1 2012) and Procal (Q2 2012) with details to follow.
- We continue to invest heavily in our US operations boldstering both commercial and technical resources to support major opportunities in the Oil & Gas sectors that are now progressing beyond commercial trials. We have also invested in an office in India (New Dehli).
- The Procal CEMS business has been restructured and is now on a growth path having seen a 25% increase in sales over the year and a return to profitability. Integration of Holroyd was completed in Q4 2011.
The market has been tough over the last few years with many Cap.Ex investments either delayed or cancelled. However, good market opportunities remain for those companies sufficiently inventive or nimble to respond. Over 50% of our products are OEM branded, leading to very close customer relationships. The timely market visibility this provides has allowed us to refocus our business over the last 2 years, underpinning this years solid performance. Krystallon (a BP and Kittiwake joint venture) has been divested to Hamworthy Plc. (now part of Wärtsilä Corporation) and continues to prosper under their ownership. Our industrial water business in the UK and France has been divested to The Tintometer Ltd. We acquired Procal Ltd expanding our capabilities in the UV and IR gas analysis and Holroyd Instruments, with core competencies in Vibration and Acoustic Emissions analysis. The Kittiwake Group of companies has been refocussed on CM techniques for early stage fault detection where we have market leading skills.
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