Aberdeen-based Hydro Group has started the year in a strong position, securing contracts worth £2million in the last quarter.
The firm, which specialises in the design, engineering and manufacturing of underwater cables and connectors for subsea, topside and onshore applications, says it is on track to meet its turnover target of £8.5million for 2014.
It plans to invest £500,000 in new cable manufacturing machinery and test equipment this year, and increase its capabilities by creating 20 jobs in Aberdeen by the end of the year.
In 2013, the firm reported a significant increase in work from the subsea sector, resulting in a 12% increase in comparable turnover to £7.1million from £6.3million previously.
In 2010, the firm invested more than £4.2million in a research, design, engineering and manufacturing facility at the Aberdeen Science and Energy Park.
Managing director Doug Whyte said 2012-13 had been the firm’s most successful financial year to date, leading to significant investment in equipment and staff to keep pace with global demand.
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