Exceed back in black thanks to investment during downturn

Exceed managing director Ian Mills
Exceed managing director Ian Mills

Hefty investment during the downturn has paid off for Exceed as the Aberdeen-headquartered well management specialist returned to the black.

Exceed, which was launched in 2005, posted pre-tax profits of £365,000 in the year to February 28, 2018, having suffered a deficit of £390,000 a year earlier.

Revenues from continuing operations rose by £4.35 million to £6.8m, according to accounts published by Companies House.

In his report, managing director Ian Mills said the company had sufficient resources to “continue in operational existence for the foreseeable future”.

The company − controlled by Mr Mills and Sonia Mills − has been expanding overseas.

But £5.7m of Exceed’s turnover for the period under review was attributed to the UK “geographical market”.

The company did make money in Europe, North America, South America and Asia during the 12 months.

And it received a £286,000 tax refund from the Israeli authorities following a dispute.

Exceed relocated to new premises on Rubislaw Terrace from Bon Accord Square.

The company’s 60-strong Aberdeen workforce provides support for more than 140 project workers globally.

In March, the firm revealed it had got off to a record-breaking start to 2018, clinching international contracts worth £18m since the beginning of the year.

Exceed said it would lay on well management services for projects off the coasts of Gambia and Ghana.

A spokeswoman for Exceed said: “We have invested significantly back into the business over the last three years and this unwavering strategy is starting to show dividends, evident in our recent financial performance.

“This re-investment has enabled the business to continually improve and strengthen its international profile.

“We now have a presence in more than 28 countries with a number of high value long term contracts.

“With recent contract wins totalling in excess £18m this year we are confident with our supply chain capability that Exceed will continue to deliver high quality service for our clients.”

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