A Fife specialist subsea equipment manufacturer yesterday said it expected to at least maintain activity levels this year despite the drop in oil price.
Newly published accounts at Companies House show Glenrothes-based HCS Control Systems enjoyed strong revenue growth from £10.92 million to £14.64m in the year to December 31.
Pre-tax profits at the firm also increased substantially in the period from £489,265 in 2013 to £1.73m last year.
The company has gone through significant change in recent years with a management buy-in-buy out deal completed in 2013 and a new funding package of £4.5m secured with RBS last autumn.
Director Brett LeStrange, pictured, said 2014 had been an important year as the management structure embedded and the company looked to widen its horizons.
“We continued to broaden our capabilities and the products and services we offer to our customers,” Mr LeStrange said in his report to the group accounts.
“We have strengthened our sales team and secured orders from new, strategically important clients.
“We believe the group is well placed to meet the challenges facing the entire oil and gas sector.
The accounts show the firm increased its workforce to an average of 82 during the year, with nine management and administration posts created and a further six roles added in the workshop.
Despite the current uncertainties surrounding the North Sea as a result of the low oil price environment, HCS said it expected to at least maintain activity levels in the year ahead.
However, it said that position would remain under review going forward.
“The dramatic fall in the oil price will have a significant impact on the market over the coming year,” said Mr LeStrange.
“As yet, it is difficult to assess that impact with any certainty,” he said.
“In light of new products and services we have recently launched, and our continued focus on customer service and product quality, the directors plan to maintain levels of business at or above that achieved in 2014.”
The firm’s capabilities include the design, in-house manufacture, assembly and test of equipment for a variety of subsea applications including direct hydraulic production and subsea distribution units, installation and workover systems, and the full range of topside equipment for the deployment and handling of umbilical systems.