Spex Group, of Aberdeen, is celebrating after being named one of the fastest growing technology firms in Britain and winning a top honour at a prestigious business awards event in London.
Spex, which specialises in explosive and non-explosive engineering services and products for the offshore industry, is ranked fourth in the 13th annual Sunday Times Hiscox Tech Track 100.
It is one of only four Scottish firms in the league table of private technology, media and telecoms companies with the fastest-growing sales.
Spex secured its place on the list for the first time after annual sales growth of 259% over three years, to £13.9million in 2012.
This comes after the firm was established just four years ago.
Founder and chief executive Jamie Oag previously set up oil and gas service company Optima, which he sold for more than £40million to US-based Tetra in 2012.
Spex was one of two north-east successes at the Private Business Awards in London, winning the technology innovation of the year honour.
Ellon-based brewer BrewDog was unveiled as the UK’s high-growth business of the year at the ceremony, which featured Chancellor George Osborne as guest speaker.
BrewDog was described as “disruptive, innovative and profitable”, impressing the judges with an 80% rise in annual operating profits and its crowd funding approach to raising more cash after opening its £7million brewery in late 2012.
Spex’s accolade recognised the firm’s research and investment in its emergency severance tool, an exploding fail-safe system to seal oil wells.
Nadir Mahjoub, the company’s chief operating officer, said: “Innovation is a key part of our business and the whole team is absolutely delighted to be recognised on a national stage.”
The Private Business Awards were set up to celebrate the best in the UK’s private business sector and are sponsored by PwC, in association with HSBC Private Bank.
Caroline Roxburgh, private business leader, PwC in Scotland, said: “Scotland is renowned for its food and drink and oil and gas sectors, so it is wonderful to see two incredibly innovative businesses such as BrewDog and Spex being recognised for their hard work and success.”
