Dundee-based engineering group Prmye is forecasting 20% sales growth after securing a £4.5 million funding package.
Pryme Group, which owns Dundee-based GA Scotland, is an integrated manufacturing solutions provider for the oil and gas, defence and aerospace industries.
Pryme Group Holdings Limited reported a 12.5% increase in sales to £14.4m for the year ending March 31 2018.
The firm said it anticipates its 2019 figures, which will be reported later this year, will show a rise in revenues of 20%.
In November Pryme opened a Centre of Excellence in North Shields at a cost of £9.5m for the building and a further £4.2m for machinery last year.
The growth of the firm and its ability to make significant investments has been aided with financial support by Independent Growth Finance (IGF).
The finance firm provided a £2.75m invoice discounting facility two years ago when Pryme required additional working capital to take advantages of opportunities resulting from the upturn in the oil and gas sector.
The funding facility has now been extended to £4.5m to further support its expansion into the defence and aerospace industries.
Pryme has recently acquired AS9100 accreditation, a widely adopted and standardised quality management system for the aerospace industry.
Kerrie Murray, Pryme Group chief financial officer, said: “Just two short years after a shaky period for the gas and oil industry we are now in a position of strength, with more people, capabilities and capacity to our name than ever before.
“We are a much bigger business today than when we approached IGF back in 2017, but they have grown with us along the way.”
Pryme was formed in 2014 with the three GA Engineering companies GA Scotland, GA Sliding Head, GA North West.
The following year Newcastle based firms MKW Engineering, Stargate Precision Engineering and Total Maintenance Engineering joined the Group while testing and subsea specialist SengS joined in 2016.
rmclaren@thecourier.co.uk