International expansion pushed Aberdeen-based energy service company Hydrasun through the £100million turnover barrier in 2013.
Although UK North Sea operations continued to be the firm’s largest single operating region, it reported further progress in its ambitions for global growth, with success achieved in key oil and gas regions.
It highlighted the Caspian, the Middle East, Norway, west Africa, the Gulf of Mexico and Brazil as areas where new business contributed to sales growth of 46% during the year to March 31, 2013.
Accounts released by Companies House yesterday also showed total turnover soared to £106.35million, from £85.33million the year before, yielding a 54% rise in underlying profits.
Earnings before interest, tax, depreciation and amortisation were £17.3million, up from £11.2million previously. Pre-tax profits for the latest period came in at £4.47million, compared with £217,000 in 2011/12. Hydrasun, which exports to around 58 countries worldwide, said overseas sales now represented 32% of overall turnover.
The company has operational bases and facilities in the UK, the Netherlands, the Caspian region, Brazil and Angola. Sales offices and strategic partnerships have also been established in the Gulf of Mexico and Trinidad.
Hydrasun specialises in integrated fluid transfer control equipment and services for the oil and gas, petrochemical and marine industries worldwide.
It has seen employee numbers grow by 11% over the past year, to more than 670 globally, and it has about 350 people working at its north-east headquarters.
Last year, it announced a change of private-equity ownership after Equistone Partners Europe exited the business and was replaced by larger group Investcorp. Exact details were not disclosed. The deal was said to put a value of around £160million on Hydrasun.
Bahrain-based Investcorp was believed to have taken a stake of about 80% in the firm, with Hydrasun’s management holding the remaining shares.