Aberdeen technology developer Spex Group said yesterday it was investing more than £5million in new equipment after profits nearly trebled.
The company, which serves the international oil and gas industry, said the fresh investment included one of Scotland’s fastest supercomputers.
It follows accounts just published by Companies House which reveal the firm’s operating profits were nearly £3million last year, up from £1million in the previous 12 months.
Pre-tax profits in the latest period were £2.95million, while turnover nearly doubled to £13.9million.
Spex’s investment programme includes the Claymore supercomputer, which can carry out more than 100trillion operations per second and will be used to help the firm solve complex simulation and modelling problems.
The business said it had also bought new machining equipment as part of its £5.2million expenditure.
Spex now employs 100 people, having recruited 30 in recent months, but wants to add another 30 to its team in the next year.
Chief executive Jamie Oag predicted further double-digit growth in the company’s turnover in 2013, adding around 80% of the company’s business was now overseas.
In addition to the investment in new equipment, Spex has also taken on additional facilities, including a fabrication and testing site, at West Tullos, in the Granite City.
Mr Oag said buying the Claymore supercomputer “will help keep the company at the leading edge of technology”.
Spex topped a list of Scotland’s fastest-growing companies last year after increasing turnover by 2,143% between its inception in 2009 and 2011.
It came top in the Sprint 100, which is made up of profitable Scottish companies turning over between £500,000 and £7.5million annually.
