Aberdeen firm Sand Monitoring Services (SMS) said yesterday it wanted to increase annual turnover to £5million within three years.
The company, which specialises in sand management and monitoring for oil and gas operators and engineering businesses, added that it expected the figure to increase by up to 20% in each of the next three years.
Over the same period, SMS aims to recruit at least six people a year to take its workforce to nearly 50. Business-development manager Frazer Barclay said he believed the company could beat its own turnover targets based on performance in previous years.
He added SMS had enjoyed stable growth, thanks to revenue from its three portfolios of products in services, management and systems.
Mr Barclay said the new targets were conservative, compared with rates of 30% seen in recent years, adding: “SMS believes it is possible to reach turnover of nearly £7million if the market remains as active as it is now. Despite the financial crisis and volatility in oil prices, SMS has grown steadily since 2004.
“The main reason for this is the oil and gas industry’s increased awareness of integrity risks combined with pressure to increase production.”
He said international expansion would be key to SMS achieving its targets. With help from Scottish Enterprise and Scottish Development International, it has broken into new markets in Africa and Asia recently.