Petrotechnics expects to prosper from a hefty investment in research and development (R&D) as well as more people finally waking up to the digital revolution.
Phil Murray, the Aberdeen-based technology firm’s chief executive, said some of the largest companies in its target markets were surprisingly slow to “digitise” their businesses.
Petrotechnics, which has recently been diversifying from its mainstay oil and gas work, is aiming for annual revenue of about £10million this year after suffering the continued impact of low oil prices.
The firm is also refocusing its attention on products and their licensing, rather than services which can be outsourced.
Mr Murray said some of the biggest names in oil and gas recognised they were “behind the curve”, compared with other industries, in using technology as a means to cut costs.
Petrotechnics – founded by Mr Murray in 1990 – specialises in software to improve frontline operational performance and risk management in hazardous industries. Its flagship Proscient software is used to increase safety and improve productivity.
Pre-tax losses widened to £6.86million during the year to March 31, 2017, from just over £4million in 2015/16, as the firm ploughed more than £5million into Proscient R&D. Turnover fell to £6.52million, from £11.65million.