Atlas Knowledge Group, which provides learning, compliance and competency services to safety-critical industries, has posted growth in sales and profit in its latest financial year as it continues to pursue its global expansion.
The rise by the Aberdeen-based firm came in spite of the fall in oil prices, and it reported a year-on-year jump in turnover to £7.1 million while core earnings surged by 62 per cent to £1.7m. It also launched five new products and 16 service options in the 12-month period and has now expanded into 110 countries.
Chairman Robert Morgan said: “Our resilient performance, in the face of considerable market disruption and the lowest oil price for more than a decade, has been driven by a strengthened business model.
“This has seen investment in new product lines and technologies, improved operational performance and a successful diversification strategy which has taken the company beyond its traditional upstream oil and gas market.
“We have established pathways into more than 700 new customers, reducing our reliance on the UK Continental Shelf and oil and gas, and a much wider range of products and service options than ever before.”
The group started the new financial year with £42m of contracted revenue, to be delivered over the next three to eight years, and noted its “strong” sales pipeline of opportunities.
Morgan added: “The fall in oil price and reduced North Sea workforce did impact on domestic business lines with a 21 per cent reduction in revenues from one of our key service lines. However, our drive towards new sectors and regions has paid off with international sales accounting for 44 per cent of our revenues.”