Westhill subsea equipment supplier Ashtead Technology has said its annual revenue will be up about 30% to £72.5million.
In a year end trading update released yesterday, the company said it enjoyed growing demand for its services across the offshore wind and oil and gas markets.
It also benefited from two acquisitions it made in the second half of 2022.
It said the deals to buy the Norwegian firm Wesubsea, which completed in September, and the capture in December of Hiretech, an Aberdeenshire rental equipment business, had contributed £1million to annual revenue.
Allan Pirie, Chief Executive Officer, said: "We are pleased with our full year financial performance and continue to deliver on the expectations and opportunities set out at IPO.
"In addition to the organic growth achieved, we are delighted to have closed on two successful acquisitions during the year, both of which support us in our goal to provide a wider offering to our customers both in the renewables and oil and gas markets. We look forward to continued progress through 2023."
Established in 1985, Ashtead Technology has grown organically and through strategic acquisitions to become one of the leading providers of equipment rental solutions, advanced underwater technologies and support services to the global offshore energy sector.
The company employs more than 250 people and services its customers from ten facilities located in key offshore energy hubs located in Europe, the Americas, Middle East, and Asia Pacific.