Aberdeen-based Nautronix, have announced their results for their last financial year as their best ever since the divestment of their defence businesses in 2006. The accounts show revenues of £10.8 million and profit before tax of £5.7M, representing an increase of 46% on the previous year.
Commenting on the results, Mark Patterson, CEO of Nautronix Holdings plc, said: "We are absolutely delighted with last year's performance and we can confirm that we are still on target to increase revenue during this financial year by a further 25%."
The company, who supply acoustic positioning and communication solutions to the global offshore industry, is succeeding in promoting its 'underwater GPS' system, NASNet, in the marketplace along with its underwater control and communication systems, branded NASCoM. The most recent project using NASNet is in the Gulf of Mexico with Petrobras, Herrema, DOF Subsea, Subsea 7, Veolia, and Fugro in 3000m of water.
Mr Patterson said the company was very upbeat about the future: "NASNet brings significant cost savings to the Operators and in this current climate there is a lot of focus on cost reduction. We have been fortunate to witness no real slow down in the larger deepwater opportunities that we are looking for success with over the next 5 years and in the last few months we have been very active in bidding on numerous projects. The recent decision by Chevron to extend their current NASNet contract over the next 3 years for life of field activity on Frade in Brazil has confirmed the life of field initiative."
The company's financial success has resulted in a growth in the business, with six new employees joining over the last eight weeks as it continues to expand and develop.
In addition, Mr Patterson confirmed that further investment would be made to research and development: "Nautronix has invested over £14 million in the last 9 years to develop its ADS² digital acoustic technology and the application of ADS². We have committed to carrying on investing in research and development this year with a further £1 million budgeted for."
"We recognise that Nautronix are in an enviable position, with a very strong balance sheet and fantastic technology in a growing market. With over 70% of our revenue derived from overseas we hope to see continued success and growth. We have a very strong team which will allow us to go and deliver that growth. There is no question that certain parts of our business have seen a slow down but the deepwater development opportunities are still very much on track. We have very ambitious plans for the business over the next three years and there are some very exciting opportunities for us. We are delighted to carry on building our presence in the Aberdeen area where we have access to quality people and subcontractors."