EBITDA Growth and Profitability
Reported EBITDA of $135.7M for FY2025 (EBITDA up ~7% year-over-year). Gross profit, EBITDA and operating profit margins each improved by ~1 percentage point; company targeting FY2026 EBITDA of $145M–$155M and a group EBITDA margin of 13%–14%.
Strong Cash Generation and Balance Sheet Improvements
Generated $63M of cash after acquisitions, buybacks and dividend increases; closing cash balance reported at $63M. Working capital efficiency improved materially (working capital-to-sales down from ~70% in 2020 to 33% now). Inventory reduced by $65M year-over-year.
Shareholder Returns and Capital Allocation
Completed roughly $60M of the first two share-buyback tranches and announced a further $40M buyback to be completed by March 2028; declared total dividend of $0.13 for the year and targeting 13% annual dividend growth through the decade. Management continues to pursue M&A while returning capital to shareholders.
Segment Recoveries — Titan, OCTG and Subsea
Titan turnaround: margin recovery from ~0% to 7% in the period with operational improvements and efficiency gains. OCTG is now ~46% of sales with industry-leading EBITDA margins and market share gains (TEC-LOCK growth). Subsea margins reported around 17% with a growing order/inquiry pipeline.
Order and Tender Pipeline
Order book of $358M at year-end (normalized after KOC completion) and a tender/inquiry pipeline north of $1B, with management expecting substantial order conversions in Q2 (notably subsea, OCTG and FES-related opportunities).
Successful Acquisitions and Product Expansion
Integrated Flexible Engineered Solutions (FES) smoothly and progressed Organic Oil Recovery (OOR) with early commercial traction (notable client Buccaneer case doubling production in an East Texas trial). These acquisitions broaden subsea, FPSO and enhanced-recovery capabilities.
Operational and Regional Wins
Opened new facility in Dubai to replace two Netherlands sites, executed KOC orders, expanded presence in Asia (new Kuala Lumpur office), and joint venture in India contributing as planned. North America segment delivered strong performance with ~19% margin.
Cost Savings and Productivity Programs
Announced an additional $15M company-wide cost savings program (plus an identified ~$5M program tied to electronics/other restructuring) to be realized over 12–18 months. Ongoing lean manufacturing and automation investments (CapEx expected ~$40M–$50M in FY2026).