Aberdeen-based Xodus has reported “phenomenal” growth in its past financial year.
The oil and gas consultant’s UK unit saw pre-tax profits soar by 155% to £446,591 in the 12 months to the end of September 2008, while turnover rose by 63% to £11.9million.
Xodus has UK offices in Aberdeen, London and Orkney.
It also has a unit in Perth, Australia, which achieved £6.2million turnover during the financial year, a threefold increase on the previous 12 months, but profitability for this operation in the period has not yet been announced.
Group turn-over is forecast to rise by about 20% to £22million in the current year.
Managing director Colin Manson said yesterday: “Last year’s performance was a phenomenal year of growth for Xodus.
“These latest accounts reflect the success we have achieved through international expansion and, in particular, our success in the Asia-Pacific region.
“At the beginning of 2008, we restructured the company to support our growth strategy and maintain the same consistent level of growth we achieved in our first two years of operation.
“Although this was painful at times, the rewards are there to see and our continued success is credit to the effort of the management team.”
Mr Manson said that, while the growth being predicting for this year was not as large as in previous years, it did underline the commitment to growing the company even in more difficult times.
He added: “There is no denying the first half of this year has been hard, however, we have retained a strong team and in some areas of the business expanded the team. This is set to continue and we are currently on a recruitment drive having won a number of key strategic projects recently. I am proud of what we have achieved so far and genuinely excited about what the rest of the year holds for the business.”
Xodus secured a string of major North Sea contracts in the past quarter, including a £6million, three-year, deal with Maersk Oil.
The group is moving to increase its Granite City workforce by adding at least an extra 10 people.
It employs more than 200 people worldwide.
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