Suppliers to the oil and gas industry FES International have reported a profitable year, despite a significant drop in UK turnover.
The Ashington-based producers of fluid transfer systems to the oil and gas and offshore renewable energy markets reported profit after tax of £3.23m in its 2013 year.
Since expanding from its original Blyth Riverside Business Park base in late 2012, FES has continued to secure significant orders.
Construction is already under way on a 10,000 sq ft extension to the new 35,000 sq ft space at North Seaton Industrial Estate.
New accounts for the firm, which designs and supplies fluid transfer systems, as well as associated sub-sea products and hardware, show profits after tax fell from £4.1m in 2012.
During the same period turnover fell from £14.3m to £11m - attributable to a fall in UK turnover from £8.6m to £2.7m. FES’ European turnover increased from £1.2m to £2.7m.
Mid-way through 2013 the firm announced it had secured £10m of orders for its patented Automatic Diverless Bend Stiffener Connector products.
A statement within the firm’s accounts read: “As the oil and gas industry continues to enjoy a successful period, FES are again very pleased to report another profitable trading year.
“The company has continued to grow its reputation for supplying high quality goods and services.
“The expertise and commitment of FES management and staff have continued to increase the business’ wide international client base.
“As well as increasing the client base, FES are also very proud of the strong and stable relationships they have maintained with existing customers over many years.”
Flexible Engineered Solutions Limited, trading as FES International, employed 32 people in 2013.
This year FES has continued its string of contract wins - most recently securing a $1.2m (£769,237) contract to supply components to NOV Flexibles, to be used in offshore drilling operations.