A recruitment specialist is on track to almost double revenues as it opens two new offices with commercial banking support.
Washington-based Oil Consultants, which provides top talent to the global oil and gas industry, forecasts revenues of up to £50m for the current financial year, up from £27m in the year to July 2013, growth the firm attributes to its rapid geographical expansion.
The business has opened new offices in Jakarta, Indonesia and Dubai, giving it a network of nine offices around the world, including the US, China, Malaysia and Trinidad.
Established in 1999, the business came under new ownership three years ago, signalling a step change for the business.
It now has more than 60 staff operating in 95 countries, with more than 25,000 highly-skilled specialist workers on its books who are supplied to all the oil and gas industry’s major players.
The first overseas office, opened in Brisbane, Australia, in 2012, now generates more than 20% of company revenues, success the company has looked to replicate this initial model in its new areas.
Helen Smith, chief executive, said: “Having local people on the ground in the right time zone opens up new geographical territories for us. Each local operation now has a strong foundation and the focus is on continuing to drive growth from them.
“As we grow our local service in new locations we know that Lloyds is able to support us, either directly itself or via one of its partner banks around the world. It is also crucial for us to manage our working capital requirements as we grow and Lloyds can provide the services that underpin effective cash management. We are still only at the beginning of the opportunity we have to support the global industry.”
In the last year the company has expanded the range of personnel it can provide and won new customers and new business from existing clients. Looking ahead, Smith believes the emergence of the UK fracking industry delivers a further growth opportunity.
Lloyd Bank Commercial Finance are supporting future plans and Rory Whaling, business development director, North East and Mid Markets, said: “Helen and her team have worked hard over the past few years to shape the future of the company and further improve the services it offers to its customers around the world.
“It is great to welcome a new customer with the drive to achieve long-term expansion and we look forward to working with Helen and the team on their plans to capitalise on opportunities in new markets overseas.”