UNDERSEA communication specialist Nautronix has seen turnover jump by 15 per cent year on year in the 12 months to June 30, but noted that a £2.4 million inter-company write-off dragged down profit for the period.
According to accounts filed with Companies House, the Aberdeen-based firm said pretax profit on ordinary activities reached £526,469 in the period, compared to £2m in the prior 12 months.
Operating profit grew to £2.9m from £2m, and its directors did not recommend paying a dividend for the year, according to the filing.
The company, which operates in the offshore oil and gas sector, said turnover jumped to £18.6m, and it noted deals it secured during the period.
These include a further contract to supply survey services to subsea umbilicals, risers and flowlines (SURF) and heavy subsea construction contractor Ceona, and it also said it expects to achieve further revenues in this division over the next year.
Additionally, Nautronix said it completed the development of its NASDive product in the year, which cost more than £1m and provides all-digital audio via the Ethernet diver communication system.
"It is satisfying to note that during the year, the first order for the NASDive system was won and delivered. Revenue for this product group grew by 53 per cent. The company expects further orders to be won in the coming year," Nautronix said.
It also said it sold its first NASNet® (which stands for 'Nautronix acoustic subsea network dynamic positioning reference') system in the year, for a new drillship being built in Korea and set to work on the Rosebank deepwater development west of Shetland.
Nautronix also plans over the next year to build on its successes "and there are several opportunities in the pipeline that are actively being pursued".
The firm said in October that it had won a major order to supply NASNet® in the Aasta Hansteen field in the Norwegian sea.
Turning to expenses, cost of sales amounted to £8.2m, up from £6.5m, while administrative expenses hit £5.6m, down from 35.8m. Distribution costs remained flat at £1.8m.
Staff costs grew to £7.3m compared to £5.4m in the prior year, and in terms of employee numbers, it said its increase in performance led to its headcount at the end of the year reaching 126, up by 20 per cent from the end of the previous year.
Nautronix said the oil and gas industry "remains" buoyant, and it added: "In the coming year, the company will embark on an intensive capital expenditure programme to help satisfy the demand for NASNet®.
"The company will also focus on projects to reduce inefficiencies within the business and improve the processes that underline the business."
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