Absoft pushes through financial target landmark with 70% boost in energy market turnover
Leading independent SAP consultancy Absoft is seeing landmark growth across work in the energy sector, with a 70% half-year rise in turnover and new ground broken in the international marketplace following swiftly on the back of record annual financial results.
Six months after reporting record growth in its 20th anniversary accounts, the firm's specialist oil and gas team has won a raft of significant contracts in North and South America, Africa, the Far East as well as Europe.
Don Valentine, operations director and head of the oil and gas team, said the ongoing rise in activity servicing clients' SAP operations overseas puts the company on track to meet its ambitious overall turnover target of £8.6million in 2012.
Included in new business won in the year-to-date, Absoft is delivering a software implementation for Dolphin Drilling in Brazil, supporting its materials management and finance operations, worth up to £250,000.
The Aberdeen-headquartered company has also secured deals worth approximately £750,000 providing support to two new clients' operations in the US, West Africa and the Far East.
"These new contract wins represent a significant step in our strategy to expand our business internationally, building on continued growth in our traditional markets in the UKCS and Scandinavia, which are the cornerstones of our success," says Don Valentine.
"In oil and gas we have already surpassed our half-year revenue target, bringing in excess of £3.1M into the business putting us on track to surpass what was already an ambitious 33% growth target for the year 2011/2.
"A key element of our service is our ability to offer advice on local implementation issues internationally, such as legislation, taxation and accounting for our clients. Using our combination of industry knowledge and technical expertise, we can ensure their systems and processes seamlessly deliver in line with regulatory requirements.
"We have brought in additional specialists to meet client demand, expanding the overall team at Absoft from 78 to 88 people this year alone, having already invested heavily in our own facilities and back-office systems."
Absoft, which was founded in 1991, increased its office space at Aberdeen Innovation Park after seeing turnover increase by 23% in the last financial year to £6.1million.