FIRST Tech, the investment business owned by oil and gas multi-millionaire Ian Suttie, grew profits by around a third in its latest financial year and looks to have increased its investment in the emerging tidal energy industry.
The latest accounts for Aberdeen-based First Tech show the company made £3.2m pre-tax profit in the year to 30 April, compared with £2.4m in the preceding year.
First Tech, which has interests in businesses ranging from oil services to whisky, increased turnover to £24.6m from £18.5m.
In the accounts First Tech said it bought 328 shares in the Nautricity renewables business during the year for £5.4m.
Nautricity has developed a device for generating energy from tidal currents. On its website Nautricity says its Argyll Tidal subsidiary has secured a marine lease covering a tidal 'hot spot' off The Mull of Kintyre. First power from the site is targeted for 2015.
First Tech has 75 per cent interests in Nautricity and Argyll Tidal.
The company has been an investor in Nautricity since 2010, when it supported a multi-million pound investment round and provided a facility to make further funding available.
Mr Suttie sold his Orwell oil services firm to America's Weatherford International in 2001 for around £115m.
He invests in oil and gas fields through his First Oil business.
Earlier this week First Oil said it is reining in spending on new projects and minimising discretionary expenditure amid challenging market conditions.
The oil price has slumped since June. However, First Oil noted it had taken steps to provide a significant degree of protection to the profits and cash it generates by selling much of its likely output for the next 17 months on the futures market at much higher rates than oil has been fetching recently.
First Oil made a record operating profit before exceptionals of £54.5m in the year to 30 April.
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