PRE-TAX profits at Edinburgh satellite-mapping business Ecometrica rose nearly six times in the 12-months to the end of March, marking the firm’s second profitable year since launching in 2008.

The firm, which uses space observation data to track events such as deforestation, saw its profit figure rise from £96,000 to £547,000 on the back of a 112 per cent increase in turnover to £5.5m.

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This consolidates the financial position of the firm, which in 2015/16 saw its losses narrow from £450,000 to £66,000.

Chief executive Gary Davis said the figures have been lifted as a direct result of the firm winning a three-year, £14.2m contract from the UK Space Agency in 2017, noting that revenue growth from the contract “met with expectations”.

Mr Davis added that the firm expects to deliver double-digit revenue and profitability growth in the current financial year, though said that Brexit and potential changes to the accessibility of free data in the US could impact on the business.

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“Given that we don’t have reliance on any one particular data source this is not too much of a concern as we are free to shop around for other data sources,” Mr Davis said.

The firm, which in 2012 raised £500,000 of funding from external investors, increased its borrowings with Clydesdale Bank to £1m during the year.

It will start paying the debt back this October, with annual interest charged at 7% over the base rate.