NORTH-EAST oil and gas piping technology specialist Stats Group said it expected turnover to increase by over £3million this year to £16million.
And the Kintore-based firm forecast even greater success next year, when it expects to turn over £20million.
The anticipated growth has led to the company launching a recruitment drive. It currently employs around 120 people, but wants to increase that to 140 in the coming months.
Stats designs, manufactures and instals a range of patented technologies for piping and pipelines in the oil, gas and petrochemical industries which it says reduce system or plant downtime and enhance safety and environmental performance.
As part of its growth plans, the firm set up a company in Singapore to target the Asia-Pacific region, which it believed would account for around 30% of turnover within three to five years, earlier this year.
Stats managing director Pete Duguid said: “Next year looks very promising and the growth targets are realistic and achievable.”