Wood Mackenzie growth continues

Energy, mining and metals research group Wood Mackenzie has recorded its 22nd year of consecutive revenue growth - albeit at a slower pace than previous years.

The Edinburgh-based firm, sold by its troubled private equity owner Candover last year for 553 million, said revenues to the end of 2009 increased by 12 per cent to 108.3m. Pre-tax profits rose to 42.4m from 36m.

In 2009, Woodmac said 82 per cent of its revenue came from providing research services to over 800 clients worldwide. It also grew its number of employees by 20 to 635 and has offices in 20 cities around the world.

The firm said it expected the pace of growth to be maintained as it expands its "must-have" range of research products. It will launch at least six products this year with a further six under development.

The firm, now owned by private equity firm Charterhouse Capital Partners, said it will consider "niche in-fill acquisitions of information-rich businesses".

Formed as a stockbroker in Edinburgh in the 1840s, Woodmac rose to prominence in the 1970s when it began writing reports on the North Sea.

Charterhouse bought Candover's 67 per cent stake for an enterprise value of 553m, with HSBC backing the leveraged deal. The valuation implied that the 31 per cent of the firm owned by staff was worth more than 250m. However, the deal failed to save Candover, which announced earlier this month it would sell off its investments.