Engineering group Corac has recorded a 15% increase in orders for the first quarter of this year.
Rising concerns over affordability of large scale subsea compression programmes has fuelled the need for compact solutions, according the firm.
Corac has also siphoned targeted investment into new test facilities. It’s Atmosphere Control International (ACI), Hunt Thermal Technologies (HTT) and Corac Energy Technologies (CET) divisions also experienced significant growth.
ACI, which currently focuses on the next generation of enhanced CO2 removal technologies for future submarine programmes, recorded an increase of £2.8million by the end of March.
In the meantime HTT’s year-on-year order book has grown by 55%, with an even more positive outlook in both UK and global markets, the group said.
“ACI and HTT continue to underpin the group’s financial performance and are well placed to continue to build on that success,” said Phil Cartmell, chief executive of Corac Group.
“CET is making good technical and commercial progress, focusing on its strongest technical propositions, its potential markets and the business cases of its end user community.
“Trends in our markets are viewed positively – recent concerns over affordability of large scale subsea compression programmes reinforces the case for compact, localised compression systems.
“Similarly, in the defence market, the announcement of the first female officers on board submarines and the expansion of naval programmes in Asia and Brazil strengthen the role of ACI in national submarine programmes.”