North-east hydraulic solutions specialist, ITC Hydraulics, has doubled its turnover in only two years.
In an impressive period of rapid growth, the company’s annual financial performance has risen from £797,000 in 2012 to £1.592,000 in 2014.
During that time, ITC has reinforced its position as a true industry leader, through designing, manufacturing, servicing and maintaining all types of hydraulic and mechanical equipment, across a host of industries.
The company’s ever-expanding client list, for example, includes some of the oil and gas sector’s major players, including Subsea 7, Aker Solutions, Oceaneering and Archer Drilling.
And ITC has enjoyed a particularly bright start to its latest financial year, recording £1M in turnover in only the first three months.
The business’ growth is a remarkable success story for Managing Director, Ian Clark, who launched the firm as a ‘one-man-band’ in 1999, travelling across the local region, working on-site for clients.
Today, the company employs a specialist team of 16, based at ITC’s state-of-the-art facilities, near Oldmeldrum.
And, over the course of the next three years, the business is targeting further major growth, with Mr Clark aiming to record £2.5M in turnover in 2015, £3.7M in 2016, before reaching £5.2M in 2017.
To drive the expansion, ITC has created a new electrical department, which enables it to carry out each stage of the design and manufacture process in house, whereas the firm previously sub-contracted electrical work.
The business is also in the process of creating an all new rental division, to allow the company to offer its products – from BOP (Blow Out Preventer) closing units to umbilical winches – on hire for clients.
Mr Clark commented: “To double our annual turnover in only two years is an exceptional achievement, which is testament to the hard work and dedication of our loyal team of staff.
“However, while we’re extremely pleased with our recent growth, we are an ambitious company and have plans in place to further expand the business significantly in the coming years.
“ We’ll do this by continuing to provide an unrivalled level of service to clients – whether they are major oil and gas firms, or local farmers – as we cement ITC Hydraulics’ position as the leading provider of hydraulic solutions.”