New orders from just one subsea customer drove a huge rise in turnover at oil and gas service company Electro-Flow Controls (EFC) during the year to March 31.
Accounts lodged at Companies House show Aberdeen-based EFC generated turnover of £342.09million, up from £19.3million a year earlier.
Pre-tax profits also soared, by 174% to £5.4million, as the firm benefited from new business with the unnamed customer.
The bigger numbers for 2014/15 came after a change of ownership.
In November 2014, EFC was acquired by FrontRow Investment Management – the Aberdeen-based upstream industry experts who plough money into oil and gas businesses alongside other investors.
EFC, which designs and manufacturers instrumentation, monitoring, handling and control systems, has served the global oil and gas industry since 1988.
Reviewing 2014/15 trading in the firm’s accounts, finance director Andrew Powell said: “The new ownership will focus on continuing growth, organically and through acquisitions.
“The business has traded very successfully during the year, with a 76% increase in turnover.
“The increase was due to significant orders from one customer from our subsea activity.”
The company declined to either comment on the accounts or give an update on current trading.
According to the 2014/15 figures, 87% of its turnover during the year was generated by overseas sales.
The firm employed 150 people on average during the period, compared with 140 the year before.
EFC was ranked among the UK’s fastest growing exporting companies in the sixth annual Sunday Times/HSBC International Track 200 league table earlier this year, thanks to its strong growth overseas.
It also won the business success over three years category at the Elevator Awards in Aberdeen in June.
The company has operations in Aberdeen, Forres, Leeds, Abu Dhabi, Brazil, Singapore and the US.
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