Ecosse Subsea Systems trebles profits to £3.4m
An Aberdeenshire subsea engineering specialist has more than trebled its profits to £3.4m.
Banchory-based Ecosse Subsea Systems saw profits rise from just over £1m, on revenue which jumped 88% to £15.6m, in the year to March last year.
The company attributed the growth to a diversification from its traditional oil and gas market into areas such as renewables.
Ecosse employs 70 people offshore and at its headquarters.
Managing director Mike Wilson, said: "The results are extremely encouraging and confirm that our technologies are equally suited to and easily transferable between the oil and gas sector, which is where we cut our teeth, and the green energy market.
"With a healthy balance sheet and debt-free status, we are in a strong position to counter the challenges facing the oil and gas industry while capitalising on new opportunities in other markets."