Subsea engineering specialist Ecosse Subsea Systems has posted a 72% increase in revenue and a £1million profit in its latest published accounts.
The Aberdeenshire-based business has extended its oil and gas expertise into the emerging renewables market and forecasts turnover in the current year will increase to £13million, and are targeting an increase in profits to around £2million.
The accounts to March 2013 show turnover increased from £4.85million in 2012 to £8.35million, and operating profit jumped 67% from £600,000 to £1million in the same period.
The improved financial results cap one of Ecosse’s most successful years, which included a move to larger new premises on the outskirts of Aberdeen and a seven-figure capital investment in building a second SCAR subsea plough and support equipment.
ESS has also made substantial inroads to the renewables sector, completing a £4.7million contract on the Baltic Wind Farm project offshore Germany.