Subsea equipment firm Tompkins UK has increased its profit to £1m since last year and created 12 new jobs.
The Darlington-based firm, which supplies, manages and operates subsea construction equipment, revealed a 43% rise in staff numbers. Tompkins UK is the umbrella company of the Centre for Subsea Technology Awareness Training and Education, Modus Seabed Intervention and Modular Underwater Systems.
The new employees have expertise in geotechnical consulting and autonomous underwater vehicle technology (AUV), as Tompkins eyes an expansion into these markets.
In results posted for the year ending March 31, 2013, Tompkins UK reported a turnover of £14.4m, up from £12.6m for the previous year. Profit for the financial year was £1m compared to £929,000 the previous year.
In a statement posted with the results, directors said: “During the year, the group has further strengthened its asset portfolio and service range and continues to reinforce its position in its key markets.
“The Group recognises that in the market it operates there is strong competition in providing engineering, management and hire and operation of subsea construction equipment. However, with the Group’s fleet of assets, extensive knowledge, focus and experience in the sector, it is our opinion that the Group will continue to grow its activities and remain competitive in the market.”
Over the past year, the Group’s operations have focused on Europe, although it has extended its reach to the American continental market. It is now looking to extend operations in the Middle East and Asia Pacific markets for future growth.
The Group revealed that as a consequence of its investment in trenching machines and remotely operated vehicles (ROVs), turnover increased by 14% and operating profit by 16%.
Tompkins has also invested in a near shore jet sled trenching machine and is now looking to invest more in ROVs and buy its first AUV in 2014. Modus Seabed Intervention meanwhile took delivery of its first AUV last year in a bid to expand its technology-led subsea capabilities.