A UK-based drone firm has hailed a decade of business by securing its most successful year of trading yet.
Cyberhawk has announced it had a turnover of £4m for year ended March 31 2018, an increase of 34% on 2016-17. The year ended with profits of just under £700,000, ‘significantly up’ on the previous year.
In addition, Cyberhawk in the US has increased turnover threefold following the opening of a Houston office and increasing customer awareness of Cyberhawk’s capabilities and experience.
In line with this increasing growth, Cyberhawk also expanded its team by 26% on the previous year, with 53 employees in 2017-18. In 2018-19, the company has already continued this growth trajectory with a further seven staff added to the team.
Cyberhawk has increased its global operations with overseas revenues now accounting for 35% of the business’ turnover, and strong growth is expected to continue due to increasing international work, with first projects completed in the Caribbean and South America.
To date, Cyberhawk has completed more than 30,000 flights in over 30 countries, working with major companies across the oil and gas, wind, utilities, infrastructure, thermal power generation and marine sectors including ExxonMobil, ConocoPhillips, BP, Shell, SSE, Network Rail, Siemens Gamesa and National Grid USA.
Chris Fleming, CEO at Cyberhawk, said: “We have spent the last ten years proving that drones generate major efficiencies in terms of cost, time and safety and it has been encouraging to see the number of operators embracing this technology rapidly increase.
“Collecting asset data is just one part of the puzzle, however, and efficiencies can be driven even further by using this data to its full potential. The progress being made in technologies like machine learning and artificial intelligence is set to transform the asset management landscape even further, opening up the potential for activities such as condition monitoring and predictive maintenance.
“The future of the drone inspection and asset management industry is very bright and thanks to the pace of technology development, and positive changes to legislation, we expect this year and beyond to bring many more exciting developments. The Cyberhawk team is proud to have led many of the industry’s biggest milestones and we will continue this theme by investing in our people and our technology.”