EDINBURGH-based oil and gas consultancy Wood Mackenzie has recorded another bumper profit amid tough times for the industry it focuses on.

The latest accounts for Wood Mackenzie show it made an underlying profit of £55.2 million in 2016 during which the oil and gas industry remained mired in the downturn caused by the slump in crude prices since 2014.

This has taken a heavy toll on the North Sea, where firms have slashed spending.

But Wood Mackenzie, which made its name compiling information on the North Sea, increased UK revenues to £31.7m last year, from £28.6m in the preceding year.

Total revenues were stable at £227m.

In the accounts, directors said: “Economic uncertainty fuels demand for information as our clients in or servicing the energy industry face strategic challenges during times of high volatility.”

They noted many clients are on long term contracts. Wood Mackenzie has operations around the world meaning it is not overly reliant on one market.

While underlying profits were down around £15m on the £70m achieved in 2015, directors said the company achieved a solid performance during a successful and active year.

They noted: “We have continued to invest in our core and new offerings as well as developing various new sales channels to our client base. This has helped create the platform for the continued future growth that we anticipate.”

America’s Verisk Analytics bought Wood Mackenzie for £1.85 billion in March 2015.

The deal is thought to have triggered windfalls averaging £500,000 for 200 employees in Scotland.