Axis Well Technology Group said it performed “satisfactorily” during its 2015/16 trading year, despite a substantial widening of losses on lower turnover.
The Aberdeen company, whose services span the oil and gas asset life cycle from exploration to field development and abandonment, saw pre-tax losses grow to more than £2.8million during the 12 months to January 31, from about £525,000 the year before.
Turnover plunged by about 44% to £19.9million amid the global industry turmoil created by a slump in oil prices.
But the firm, which has offices in Westhill, Aberdeenshire, and London, as well as Aberdeen, said it did relatively well under the circumstances.
In accounts lodged at Companies House, founder and chief executive Jim Anderson said: “The group performed satisfactorily during the year, continuing to penetrate key international markets and further reducing dependence on the UKCS (UK continental shelf).
“It continues to be a very challenging time for the oil and gas industry, but the group has been successful in developing new services, capability and expertise, whilst further reducing its cost base.”
Axis, acquired in 2013 by private-equity firm Elysian Capital for an undisclosed sum, said it continued to reduce debt by making £1.5million of voluntary additional prepayments of bank borrowings out of trading profits.
And it insisted it had enough working capital and funding available to support current and future expansion plans.
The group employed 90 people on average during the 2015/16 trading year, down from 97 the year before.
Axis was launched by Mr Anderson about 15 years ago, with just five employees.
The group is a former Offshore Achievement Awards winner, landing the gong for great large company in March 2013.
It also enjoyed success at the 2014 Oil and Gas UK Awards, scooping one of the top honours for small and medium-sized firms.
Mr Anderson, who has also been a finalist in the Ernst and Young Entrepreneur of the Year Awards in the past, was born and brought up at Strichen, in Aberdeenshire.
The 57-year-old served as an apprentice agricultural engineer, but moved into oil and gas and joined US firm Schlumberger in 1981, where he stayed until 1998, working around the world and specialising in dealing with high-pressure, high-temperature wells.
He left Schlumberger to become a consultant before setting up Axis in June 2001.
Recommended for you
