THREE60 Energy Reports Strong Performance for Financial Year 2023

THREE60 Energy, a leading global provider of integrated energy services, is pleased to announce its financial results for the year ending 2023. The company has delivered exceptional operational and financial growth, reinforcing its position as a trusted partner within the energy, defence and marine sectors.

Key Financial Highlights, on a proforma basis:

• Revenue increased by 24% to over £184 million, driven by strong performance across all service lines.
• Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) grew by 26% to over £11.6 million, reflecting a significant improvement in operational efficiency and cost management.

2023 was a transformative year for THREE60, the company grew through a combination of organic and acquisitive growth, establishing two new service lines - subsea and product & project solutions, whilst also growing geographically with expansion into North and South America. The company continued to grow its portfolio of renewable energy projects, aligning with its long-term sustainability goals and contributing to the global energy transition. Increased activity in engineering, services and technologies across the energy transition saw 30% of revenues coming from energy transition projects.

THREE60 has also invested in digital solutions and technologies aimed at enhancing the efficiency of its customers operations. This focus on innovation, combined with an unwavering commitment to safety and operational excellence, has allowed the company to deliver significant value to customers while maintaining a strong competitive edge in the energy sector.

In addition to global expansion, THREE60 have seen increased activity across the UK. Headcount has grown, with staff utilising their existing competency in areas such as carbon capture and storage (CCS) and offshore wind, showcasing its commitment to embracing the energy transition.

Walter Thain, CEO of THREE60 Energy, commented on the strong financial results: 

"Our operational and financial performance is testament to the hard work of our teams and the strategic decisions we've made over the past few years. We have focused on enhancing our service offerings, expanding our global footprint and ensuring operational excellence, to position ourselves as a leader delivering the next generation of energy services. Our commitment to delivering innovative and efficient solutions has driven our success. We have created a unique scalable platform for growth and we look forward to delivering an exciting and sustainable future."

Looking forward, THREE60 remains committed to future growth plans through 2025 - 2030, focusing on expansion into new geographies, delivering innovative solutions sustainability and delivering value to its stakeholders.

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