Offshore engineering firm Subsea Innovations has seen its turnover almost double to £8.8m in its most recent accounts.
The business, which is part of the Tekmar Group of companies, saw its turnover jump from £4.8m for the 15 months ending March 31, 2019, to more than £8.8m for the 12 months ending March 2020.
At the same time, Subsea Innovations managed to boost its operating profit to eight times its 2018/19 figure. Operating profit at the company jumped from £40,000 to £346,000.
Profit after tax came in at £340,000 for the year, up from £152,000.
Subsea Innovation was acquired by the Tekmar group in 2018.
Tekmar CEO Ali MacDonald said: "We are delighted with the results and it is a credit to the team to deliver these results.
"We have a very strong presence in the offshore sector and the idea is to continue to grow the business in this market. We are very much focused on adding the tech offering Tekmar has into the offshore wind space and that is what has allowed us to grow."
Mr MacDonald added that while the company had managed to improve its figures for the 2019/20 financial year, its results had yet to see the impact of the coroanvirus pandemic. He warned that the market had slowed last year but was beginning to pick up in recent months.
Despite the improved results, the directors of the company did not recommend the payment of a dividend.
Subsea Innovations specialises in the design and construction of subsea engineering equipment, including launch and recovery systems and back deck equipment for pipelaying vessels.
In March 2021 the company completed its largest-ever design and build project after delivering 400te piece of back deck equipment to a client. The project took 18 months to complete, with the work carried out at the firm's Darlington base.
