Hunter Adams has drawn up a list of potential takeover targets as the company looks to double turnover in its second full year in business.
The company also wants to hire more HR experts under a plan to increase employee numbers by around 40%.
Founded by the former head of HR at the PSN oil services business which was bought by Wood Group, Hunter Adams recorded sales of around £1.8 million in its first 18 months of trading, to December 31.
Based on current trends, the eponymous founder, Dean Hunter, is confident of increasing revenues to £3.5m in the current year, from £1.6m last time. The company has offices in Aberdeen and Edinburgh.
"We could see some of that growth this year through acquisitions," said Mr Hunter. He added: "We have a list of businesses we are looking at."
Mr Hunter did not provide further details. However, he noted the company is keen to increase its presence in the central belt of Scotland where it is currently recruiting "three or four" senior professionals.
As there are many small HR businesses in the central belt, the area may provide fertile ground for a consolidation play.
Hunter Adams also wants to add specialisations.
Mr Hunter said the success of the company to date partly reflected buoyant conditions in oil and gas markets, which he knows well from his time at PSN.
However, Hunter Adams is active in a range of sectors including leisure and transport.
Mr Hunter said it had even advised a Scottish Premier League football club, which he did not name.
Oil and gas now accounts for around 60/70% of business.
Carol Scambler, the company's director of HR in the central belt, held senior positions at financial services firms including State Street Bank and ABN Amro, the Dutch investment bank acquired by a consortium led by Royal Bank of Scotland. While Hunter Adams does some recruitment work, most of the business has come from firms that have been looking to improve the effectiveness of their HR function. This can include reducing staff turnover.
Hunter Adams can provide staff to fulfill the HR function.
"People are still nervous about hiring long-term permanent people," said Mr Hunter.
However, he said there had been signs of sentiment improving in the central belt. "From what I see, things are opening up. It looks at this stage positive for the next few years."
Hunter Adams expects to increase employee numbers from 36 to 50 this year.
The company has already used an acquisition to boost growth.
In May last year Hunter Adams bought Spectrum HR from Jenny Murray in a move which allowed it to add a range of SMEs to its roster of multinational oil and gas clients.
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