Profits at Aberdeen-based Hydro Group have jumped by 136%.
The firm – a global designer and manufacturer of underwater cables and connectors for subsea, underwater, topside and onshore applications – also saw a 12% rise in turnover from £6.3million to £7.1million over the past year.
Doug Whyte, Hydro Group managing director, said: “2012-13 has been our most successful financial year to date. Investment in previous years in new facilities, R&D, new equipment, processes and staff has all played a part in a strategic vision for long-term growth.
“Additional capacity and manufacturing flexibility has enabled Hydro Group to fully support increasing demands from customers in energy, defence and offshore renewables markets.
“There has been a significant increase in market activity in all of the subsea business sectors addressed by the company in the last 18-24 months. There has also been an equivalent growth in export sales which represent around 30% of revenue.”
In 2010, Hydro Group opened its £4.2million research, design, engineering and manufacturing facility at Aberdeen Science and Energy Park, with further investment in equipment totalling close to £1million by the end of 2012, including a purpose built cable lay-up machine and additional extrusion equipment. Electrical, mechanical and hydrostatic test facilities have been upgraded this year.
The firm has also landed more than £2million worth of contracts in the past six months.
Mr Whyte added: “The next phase of growth began this year, with the opening of our Singapore office where we have initially invested close to £300,000 in developing the South East Asia operation, recognising it as a potential high growth region for us.
“Our target turnover for the coming year is £8.5million, with future projected growth predicted to reach £10million over the next two years.”
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