Wind helps JDR to record profits
JDR Cables notched up record revenues and earnings last year, thanks in part to its expanding position as a supplier of inter-array cables to Europe’s offshore wind sector.
JDR’s revenues grew 56% last year to £129.9m ($198m), while its earnings before interest, taxes, depreciation and amortization hit £25.8m – up from a loss of £4.1m the year prior.
JDR is among the most successful UK-based manufacturers targeting the offshore wind sector, and recently won a significant grant from the Department of Energy and Climate Change to research the type of high-voltage array cabling that will be used at deep-water Round 3 projects.
In addition to its fast-growing offshore renewables business, JDR also supplies subsea umbilical- and power-cables to the oil and gas sector.
In 2007 JDR was acquired from its then-owners Bridgepoint Capital by a group comprising its own managers, Goldman Sachs and Vision Capital.
Since 2008, its order intake has grown by 20% annually – reaching £112.5m last year – and the company is “confident” that such growth will continue for the foreseeable future.
2012 saw JDR complete a £30m investment programme into its cable-production facility in Hartlepool, northeast England, while also landing its first major offshore wind order in Germany, from the developer WindMW for its 288MW Meerwind project.
Among the renewables projects which JDR has supplied array cabling to are London Array, Greater Gabbard, Gunfleet Sands and the Wave Hub in southeast England.