The UK’s only manufacturer of subsea cables, JDR, yesterday reported record revenue of £85.6m (€107m) for the nine months to September, compared with £49m for the same period last year. It also claimed record profits, but declined to disclose the figures.
The strong results follow JDR chief executive Andrew Norman stating in August that the company was set to enter “a significant period of growth”. Norman’s claim was made as JDR announced its first contract to supply an offshore wind project beyond UK waters, the 288MW Meerwind Süd/Ost project in Germany’s North Sea.
Today’s results confirmed the impact of Meerwind on revenue growth. "These results were driven by strong demand across all of our product lines, in particular demand for longer and larger subsea umbilical and power cables,” said Norman.
The firm’s record profits were attributed in part to increased productivity, which Norman said was due to the firm’s £30m investment to expand and upgrade its Hartlepool production facility.
JDR’s initial success in the offshore wind market prompted its shareholders, private equity firm Vision Capital, to sanction the £30m expansion plan. Funds were used to increase production capacity and to ensure the company would be capable of supplying high voltage alternating current (HVAC) cables. The upgraded facility was unveiled in April.
The firm has yet to announce any further offshore wind deals since Meerwind, but Windpower Offshore understands that JDR recently submitted a string of bids for other European offshore wind contracts, and at least one bid for a project further afield.