Subsea technology firm, Ecosse Subsea Systems (ESS), posted a profit of £7million as it more than doubled its turnover to £27.7million.
According to annual accounts lodged at Companies House, the Aberdeenshire firm has managed to electrify its turnover from £12.7million to £27.7million.
ESS, who provide engineering, technical, equipment hire, fabrication and manpower services to the renewables, interconnector and oil and gas industries say the rise in profit is due to previous R&D spend and the growth of renewables and interconnector projects.
The company spent more than £10million while increasing adoption of its SCAR technologies for the offshore renewables and interconnector market, alongside growth in oil and gas engineering.
Mike Wilson, ESS chairman, said: “We have concluded a number of major offshore wind farm projects and interconnector contracts in the last year and our greatly increased market share is reflected in these excellent results.”
Mark Gillespie, managing director, added: “We continue to invest significantly in R&D which will generate future returns in 2018 and beyond, an example of which is our new trenching tool SCARJet in which we have already invested a large proportion of 2017 profits.
“In the current financial year we have already secured an order backlog in excess of £20m and we are forecasting that 2018 figures will continue on an upward trajectory. Changes we made to strengthen our management team earlier this year are already paying dividends and as these results show, we are primed to push on and take ESS to the next stage of its evolution.
“Revenues in Europe over the last financial year grew to more than £9m and this expansion out with our traditional UK market signals we have a strong offering which has a wider appeal across a range of major international subsea construction projects.
“Our focus will be on consolidating our leading position in the subsea energy sector and expanding our geographic footprint in to the Baltic, Asia and North America subsea markets.”