GA Engineering, the Dundee precision engineering group, made a pre-tax profit of almost £690,000 in the year before it received major investment for expansion.
Last month the West Pitkerro-based company confirmed ambitious plans to more than double in size.
It secured major investment from a fund managed by specialist energy industry investment bank Simmons & Company International Ltd.
The value of the deal was understood to run into seven figures and gives GA the financial scope to pursue an aggressive growth strategy.
Company founder Gordon Deuchars said: “We have very ambitious plans to grow GA from possibly a £13 million business to a £30m business over the next three to four years and employ an additional 12 recruits a year from our training academy.”
The cash injection was designed to take it to the “next level”, with the focus firmly on growth in the medium term to achieve a total workforce of more than 200.
The group employs 60 workers in its three principal heavy industrial, sliding head and north-west divisions and GA Engineering’s accounts for the year to March 31 show that it is in good health.
Trading results for the three subsidiaries showed turnover at £12,524,881 providing a gross profit of £4,153,149 and profit before tax of £689,094.
Mr Deuchars said the profits in GA Engineering (Scotland), GA Engineering (Sliding Head) and GA Engineering (North West) were due to particularly high demand in the core markets of oil and gas and automotive industries.
“These industries are also expanding and likely to do so for the next few years,” he added.
The group continued to invest in plant and machinery to meet advanced technological demands from customers and allow the group to offer reliability and efficiency.
He continued: “It is particularly important to have good skilled employees.
“In recognition of this, a training academy has been established, which will support the training of new apprentices.”
He hoped group companies can take on up to 60 apprentices in the next five years to support not only the growth of the group but also the skilled labour in the area.
The firm’s efforts to bring through new apprentices were hailed by Finance Secretary John Swinney.