Leading energy advisory and engineering consultancy, Apollo, has reported continued growth in revenue and EBITDA for the year ending March 31, 2024.

Revenue for the financial year reached an impressive £12 million, representing a 20% increase compared to the previous year. This growth underscores Apollo's ability to deliver value and drive success despite challenging market conditions in the energy sector.

Throughout the financial year, Apollo successfully delivered various impactful projects, showcasing their lifecycle expertise and commitment to driving innovation and practical solutions for our clients across the energy spectrum. Notable highlights include the award of a multi-million contract from NEO Energy for a Front-End Engineering Design (FEED) study for the planned redevelopment of the Greater Buchan Area and a Project Management Consultancy (PMC) Contract for INEOS E&P’s Hejre Project, valued at over £10M.

The strategic focus on low carbon/industrial decarbonization projects continued during this period. Key projects secured include studies for gigawatt-scale floating offshore windfarms (FOW), executing a pioneering FOW tow-to-port study, and partnering with Wales & West Utilities on a groundbreaking hydrogen project in North Wales.  Apollo has also advanced carbon capture initiatives, including its work with 7CO2, conducting critical studies that aim to facilitate decarbonization for industrial emitters across the Southwest of England the Midlands and West Wales.

Richard Bell, Managing Director of Apollo. (Image credit: Apollo)

Half of revenue from non-oil & gas activities

These achievements have contributed to the company's financial success and reinforced its reputation as a trusted partner and industry leader across energy sectors, with 48% of revenues now outside of the oil and gas sector. 

Richard Bell, Managing Director of Apollo, expressed his pride in the company's accomplishments: "This year has been defined by growth, focus, and delivering exceptional results for our clients. From groundbreaking projects in renewable energy to advancing decarbonization initiatives and strengthening industry partnerships, our team has demonstrated the expertise and agility required to meet the demands of a changing energy landscape. We continue supporting the oil and gas sector in this critical time, seeing increased domestic and international opportunities.

“With our reorganization now complete and new services like our advisory business enhancing our offering, we are well-positioned to continue delivering innovative solutions and driving success for our clients in 2025 and beyond.”

New organization and focus for 2025

To reflect the evolving energy landscape and continue our growth, Apollo has reorganized its business for 2025 to improve focus and support future growth. This strategic shift strengthens the company’s ability to deliver focused expertise to clients and align with industry priorities.

The business now focuses on three key areas:

• Oil and Gas: Apollo supports clients as we look to tackle the energy trilemma and reach Net Zero by providing consultancy and engineering services for studies and projects to decarbonize and improve the efficiency and safety of offshore operations.
• Decarbonization: Exploring work onshore to tackle industrial decarbonization and provide lifecycle support from advisory services to project execution.
• Marine Energies: Recognizing Apollo’s offshore heritage, providing a renewed focus on Marine energies in renewable and conventional energy.

Complementing this reorganization, Apollo launched its Advisory Business in 2024. This new service provides strategic guidance to clients in areas such as energy transition and ESG and builds on Apollo's established strengths in consultancy and engineering services.

Bell continues: As we enter 2025, I am delighted to report we are on track for a further year of growth, and we anticipate an increase in revenues of around 25% for this financial year.  While engineering, consultancy and advisory services make up most of our revenue, our services in PMC, assurance and technical placements continue to grow, and our Apollo KnowHow platform, a proven software tool for asset integrity management, is being readied for deployment in new markets such as offshore wind.  While 2025 will undoubtedly continue to have its challenges, we have an enviable track record and diversified portfolio across markets and regions.” 

“Apollo remains focused on delivering practical, results-driven solutions and driving continued success for our clients as we look to the future.”