An Aberdeen subsea business said yesterday it had more than doubled turnover and was targeting further growth.
Ecosse Subsea Systems turned over nearly £4.9million in the year to March 2012, up from £1.9million in the previous 12 months, and it has already set its sights on a figure of £6.5million this year.
Pre-tax profits in the latest period were about £600,000. This was up from losses of £18,000 in 2010-11, when figures were affected by research and development (R&D) costs.
The company has already taken in more than £3.5million this year, while it expects pre-tax profits to be maintained.
Performance this year has been helped by a £1million deal to carry out subsea excavation work on Total’s Laggan-Tormore field.
Ecosse managing director Mike Wilson said: “We have enjoyed steady year-on-year growth for the past three years and the results demonstrate that prudent management and rolling out unique technologies demanded by the market is now paying off.
“We are enjoying our most successful period, have put together a very strong management team and made a significant breakthrough in successfully executing a challenging £1million contract for a global operator.
“Looking ahead, the positive balance sheet combined with our depth of engineering experience and innovative technologies means we are well placed for significant growth in the next few years.”
Ecosse employs 12 people in Aberdeen, but expects the workforce to grow to 16 in the next year. The firm has a further 50 people working on international projects at any time.
The company – whose clients include Shell, BP, Subsea 7 and Technip – was set up in 1996.
Ecosse also has a personnel service division and recently started an engineering arm.