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Aberdeen based Ashtead Technology has announced a 23% rise in turnover and almost 40% increase in profits for the year ended April 2014.

The subsea technology company, which specialises in the sale and rental of subsea equipment and associated services, has seen turnover increase from £22.2 million in 2013 to £27.4 million.

In the 12 months to April 2014, the company made its biggest ever annual investment in rental equipment with capital expenditure in the year rising from £9 million in 2013 to over £10 million.

Operating profits increased by almost 40% to £13.6 milion from £9.7 million in 2013.

The company now employs 95 people in Aberdeen, London, Houston and Singapore with agents in Abu Dhabi, Perth (Australia) and Stavanger.

Commenting on the results Allan Pirie, chief executive officer of Ashtead Technology, said: “These results reflect our achievements in retaining customers and attracting new business whilst positioning the company for continued sustainable growth across all our global bases.

“Considerable capital investment in our rental fleet, coupled with investment in our people and processes, has underpinned revenue and profit growth.

“Recognising that our customers demand more than a quality equipment rental service, the development of our increased range of added-value services has enabled us to meet and exceed expectation and we are confident of building on these results as we continue to secure new business, particularly through the increasing demand for integrated equipment package support.”

Ashtead Technology’s service based growth strategy has recently resulted in the launch of the Ashtead Academy offering customers a range of training and a move into equipment sales reinforced by securing sales representation agreements with leading manufacturers such as Seabotix and ECA.