Offshore oil and gas equipment manufacturers Subsea Innovation grew turnover by 38% to £10.2m in its last financial year.
The Darlington-based engineers also reported a 22% increase in operating profit in the year to December 31, 2013.
Pre-tax profits grew from £1m the year before to £1.23m, as Subsea referred to a £250,000 write-off provision in its 2012 accounts, relating to a provision made in its 2011 accounts.
Increased turnover was largely driven by the firm’s design and manufacturing of more remotely operated underwater vehicle (ROV) Launch and Recovery Systems.
Its latest set of accounts also pointed towards strong performance of across other product lines, including its Tether Management Systems, Pipeline Repair Clamps and J Tube Seals, among others.
Subsea Innovation took on nine staff over the 12 month period in order to cope with the increased activity. The firm said it had brought in additional engineering experience during the period to strengthen its development team.
Earlier this month Subsea Innovation expanded into purpose built 40,000 sq ft headquarters, which was supported by a £400,000 grant from the Let’s Grow Fund, which is run by The Journal, BE Group and UNW LLP.
The move has enabled Subsea Innovation to test Launch and Recovery Systems and accommodate cranes capable of handling up to 50 tonnes of equipment.
It will also allow the company to compete for larger contracts and has already sealed a seven figure order from Middle-Eastern energy supplier RasGas to supply pipeline clamps and connectors.
Within the company’s Group Strategic Report, director John Heathcock wrote: “The group has secured a number of new customers during the year from a variety of customers across Europe, America and Australia.
“The oil and gas industry as a whole is continuing to grow, though the group is seeing increased competition both locally and from abroad, across the full range of its products.”