International business-technology company Amor Group wants to make acquisitions for the energy operation it runs out of Aberdeen.
The Scottish firm, which also operates in the transport and public services sectors, revealed ambitious expansion plans yesterday as it announced a surge in profits in 2012.
These include more than trebling its worldwide workforce to 2,000-plus in the next few years.
Amor said last year’s earnings before interest, taxation, depreciation and amortisation were up by 22% to £8.1million, while turnover jumped 27% to £57.2million.
The company, which is based in Glasgow and has offices at six UK locations, as well as Houston and Dubai, currently employs more than 550 people, including 250-plus in Aberdeen.
Amor said it was on course to grow revenues organically to £63.5million in 2013.
The group is committed to achieving £250million in turnover and £40million of profits by 2016 through a mix of organic growth and strategic acquisitions.
Amor could potentially spend a multimillion-pound sum on deals that could happen at any location.
Staff numbers are forecast to exceed 2,000 by 2016, with a “significant” increase in the Aberdeen workforce.
Amor said the buoyant energy market had helped it grow its energy-sector business by 10% in 2012 to reach a turnover of £23.4million through a combination of renewing and extending major contracts such as those with Nexen, Talisman and Asco and winning new work for the likes of National Grid and Aera Energy.
It added: “This is the result of a deliberate focus on core services such as managed services, information management and process solutions in safety and security. These services assist customers including oil operators, service companies and utilities companies in protecting their production assets, allowing them to focus on their core business.
“Amor Energy’s organic growth strategy involves building on its track record and travelling with existing customers internationally to reach an organic turnover of £45million by 2016, serviced largely from its three hubs – Aberdeen, Houston and Dubai.
“Additionally, in support of the group growth strategy, there is an intention to make some strategic acquisitions to boost operations and add products to complement existing process safety and security offerings. This is intended to create a truly international sector that delivers £100million in revenue by 2016.”
Group chief executive John Innes said of the latest results: “The business delivered another excellent trading performance achieving market-leading growth in revenue and profits.
“Last year was transformational for the business as we continued to overcome the prevailing market conditions in North America, Europe and the Middle East – closing out our initial three-year growth strategy on target.”
Amor is backed by investor partners Clydesdale Bank, Scottish Enterprise and Growth Capital Partners.