OIL and gas technology firm Red Spider said yesterday it had achieved revenue growth of 150% on a year earlier in the first half of 2009, and had topped £1million in monthly revenue for the first time.
The north-east company, which delivers innovative downhole products for the oil and gas industry, said it had already recorded the same revenue for the first half as last year’s total, when it achieved £3.5million.
This year’s turnover is poised to reach £6.5million.
Managing director Steve Nicol said: “This is exceptional news for Red Spider, at a time when many businesses are seeing a downturn. We aspire to take our technology across the world and this year sees us taking big strides towards this goal.”
Red Spider said it had secured work in Colombia, Germany, India, New Zealand, and across the Middle East and west Africa. It added that it was committed to broadening these horizons further.
Mr Nicol said: “This year, the company will introduce a share-incentive plan, giving all Red Spider staff the chance to share in the company’s success.”
Investment in the latest technology is at the heart of Red Spider’s business. The company spent two years developing the eRED remote equalising device, which won the Sir Ian Wood Award for Innovation at the Grampian Awards for Business Enterprise last year. With its HQ at Westhill, and new offices in Stavanger and Dubai, it expects to increase its payroll of 48 by the end of this year.