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Oil and gas sector deals drive profits rise at Hydrasun

EQUIPMENT supplier Hydrasun has underlined the strength of the oil and gas industry with a 55% rise in profits.

The Aberdeen company – which specialises in tubing, hoses and valves for fluid transfer and power – saw its turnover rise from £64.7 mil-lion to £84.2m in the 12 months to March 31, 2012 with the bulk of its sales coming from businesses with operations in the UK.

Accounts now publicly available at Companies House state there had been particularly strong demand for subsea and well intervention projects.

The rise in turnover helped pre-tax profits come in at £10.1m, against £6.5m the previous year.

The directors said: "The group further consolidated its strong market position as the result of the award of a number of significant orders for major projects and additional long-term contracts and [framework] agreements from blue chip customers."

The directors, headed by chief executive Bob Drummond, said they were committed to growing the international footprint of the company and adding new lines of business.

They added: "The group is investing further in its engineering and technological capabilities in order to further accelerate the development of other products, solutions and services."

Hydrasun currently exports to more than 60 countries with large sales in the likes of the US, Angola and Brazil.

Average staff numbers increased from 459 to 522 with employee costs going from £15.89m to £19.57m.

The accounts said total staff numbers were almost 600 by the end of the period. Directors' emoluments declined from £962,000 to £634,000 although the highest paid received a rise from £201,000 to £216,166.

The company's net funds at the end of the financial year had increased from £11.9m to £12.1m.

Hydrasun, founded in 1976, has predicted its turnover in the current trading year will be around £105m.

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