At RED we have just closed out our 2017/18 year end and it was great to see good progress as measured by the traditional financial metrics – record sales, a significant increase in turnover and a healthy growth in profits.
However, it was the developments behind these numbers that really made us smile. 2017/18 has been the year when the company truly transitioned from being Red Marine to RED Engineering, with 61% of our turnover coming from the nuclear decommissioning sector. This was the result of 3 years intensive effort to understand the industry, build relationships, identify and target challenges where we could make a significant impact with our agile and pragmatic approach to solving complex engineering challenges. Over the year we’ve worked on a range of projects including the application of robotic technology to remove personnel from hazardous operations and the rapid adaptation of off the shelf technology to produce a decommissioning tool at a fraction of the cost of a fully bespoke solution.
Importantly we have not turned our back on our roots – over the past 12 months we have continued to help our oil and gas clients tackle challenging offshore projects and develop new technology. Projects have included the delivery of modular subsea clamps for well intervention operations and the fast track development of vessel equipment that transformed the efficiency of an installation operation by automating a manual process. In parallel, we have worked with partners such as BHGE and Centraflow to accelerate their own in house R & D programmes with our ‘Testing with Intelligence’ service as outlined in our recent feature.
Emphasising our broader client base, we have continued to work with AVID Technology supporting the development of their Waste Heat Recovery Technology for the marine environment and were engaged by a leading tidal stream technology developer to assist in the development of their installation technology.
Our test facility has once again played a key role in finding solutions faster for our clients and this year saw further gains in our rapid prototyping capability with our new 3D printer. However, although the tools are important, ultimately any success is down to the people using them and it was pleasing to see a further expansion of our team over the year – increasing our capacity, bringing new skills and further increasing our knowledge and experience available to our clients.
Looking ahead to the new financial year, it is always slightly daunting when all the clocks and KPI’s are reset to zero. However, we are heading into our 11th year in a positive frame of mind and with many opportunities to pursue. We are focused on continuing to build our business in the Nuclear Decommissioning industry and maximising our opportunities in the offshore oil & gas sector, where encouragingly there appears to be an increase in activity in recent months. We look forward to keeping you up to date with progress.