Innovative subsea design and manufacture group has kicked off 2014 with announcement of securing strategic contracts worth more than £2million over the last quarter.
The contracts mean the Hydro Group Plc, specialists in design, engineering and manufacturing of underwater cables and connectors for subsea, underwater, topside and onshore applications, is on course to meet its turnover target of £8.5million for 2014. At the end of 2013 the Group reported a significant increase in market activity in all of the subsea business sectors it operates in and a record financial year as a result, with a 12% rise in comparable turnover from £6.3million to £7.1million.
Doug Whyte, Hydro Group managing director , said: “2012-13 was our most successful financial year to date, leading to significant investment in equipment and staff to keep pace with global demand.
“Our target turnover for 2014 is £8.5million, with future projected growth predicted to reach £10million over the next two years.”
Staff numbers have grown by 40% since 2010 and a further £500,000 is to be invested this year in new Cable Manufacturing machinery and Test Equipment, to allow Hydro Group to fully support increasing demands from customers in energy, defence and offshore renewables markets.
Press release, February 6, 2014; Image: thinkpr