Bosses at offshore well diagnostics firm EV are toasting a 20% jump in sales and an increase in workforce numbers amid growing confidence in its markets.
The company, which splits its headquarters between Aberdeen and Norwich, said yesterday it had used the recent oil and gas downturn to focus on research and development (R&D). It has also entered new markets – specifically Algeria and Argentina, and secured master service deals with major operators.
Chief executive office Fraser Louden said: “2016-17 was regarded as the bottom of the market downturn and this clearly had an influence on EV’s profit and turnover – as it did for many international service companies. Although a challenging time, we saw it as an opportunity to concentrate on R&D and consequently developed a suite of innovative video-led products.
“These products have expanded our offering from generating purely qualitative data to quantitative visual solutions, and all are in line with industry’s requirements for risk and cost reduction.”
Mr Louden was speaking after accounts from Companies House highlighted pre-tax losses of £28.1million during the year to March 31, 2017, following losses of £10.5million in 2015-16, while turnover fell by more than £2million to £14.7million.
But the company, which employed 87 people on average last year, is expanding again.
Mr Louden said: “This growth has resulted in a staff increase of 12%, including key leadership roles, which further underpins our market leader status in video lead well analytics. We’re thrilled to report a 20% sales increase so far in the 2017-18 financial year, and . . . look forward to ongoing business growth as confidence increases in the sector and our new products gain global acceptance.”