A SCOTTISH drone inspection services firm has hailed revenue growth of 63 per cent.
Cyberhawk has grown its revenue from $13.5m to $22m as part of a strategic expansion plan targeting the power grid sector.
Accounts for Cyberhawk for the year to March 2022 also show a $1m increase in operating profit, while Ebitda increased from $1.8m to $2.8m.
The Edinburgh-headquartered firm has rapidly expanded its international footprint over the past 12 months.
As well as a strong focus on the US, the company has gained "significant traction" in the Middle East, where its drone and data visualisation solutions are being used in construction mega-projects.
The UK now accounts for just 21% of Cyberhawk’s total revenue.
The company, which has roots in the energy sector, provides end-to-end solutions for industry, combining drone technology with its data visualisation software, iHawk.
The software provides operators with an up-to-date full visual record of the condition of their assets.
Cyberhawk chief executive Chris Fleming said demand for efficient and environmentally responsible inspection solutions had been a driver for growth in the US.
The company anticipates further expansion in this sector with increased emphasis being placed on critical infrastructure condition checks to ensure the safety and reliability of the power grid network.
Mr Fleming said: “These results represent another step change in the scale and reach of Cyberhawk. We are particularly pleased to have not only grown both revenue and Ebotda, but to have done so while we continue to invest in our software solution, iHawk.
“The market for drone-based inspection services will continue to expand exponentially, and with that will come an explosion in the quantity of data captured, as well as the need for more efficient and flexible data visualisation and management solutions.”
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