Oilfield service company Romar International yesterday revealed a surge in turnover.
The Newburgh company founded in 2000 said revenue exceeded £4million last year, compared with £2.5million in 2011.
It is now targeting another increase in turnover of 25% in 2013.
Romar’s core business is providing magnetic separation products and services for the offshore oil and gas industry.
Commercial director Robbie Gray said: “This has been Romar’s most successful year to date. We achieved profits 25% ahead of our business plan.
“We outlined a plan of ambitious growth for the year, and have stuck to it with key service contract extensions and revenue from our agent agreements. Our staff numbers rose from 15 to 20 last year and we plan to expand this by a further five to six in the coming months.
“In December, we appointed an international business-development manager to focus on business opportunities in the Middle East, north Africa and India. This is in line with our ongoing strategy for international development.
“Last year, we increased our research and development spending by 150% to expand our range of magnetic separation technologies and we invested heavily into building our in-house capabilities. We are happy that the company continues to grow and look forward to a successful 2013.”