Port of Dundee firm Texo has posted a rise in sales, more than doubling its turnover to £47.4 million.
The engineering group’s turnover figure is up from £19.3m in 2022, a 144% increase.
Texo offers a range of work, including port services, surveys and inspections as well as engineering and fabrication.
Its sale boost has helped to improve its pre-tax losses, with £98,000 reported for the year end November 30 2023, which is up from £5.3m in 2022.
Last year, Texo Engineering & Fabrication was selected as the preferred contractor to build wave energy converters in Dundee.
Turnover boost down to contract wins, says director
Texo’s latest accounts say its revenue boost is down to securing “long term significant and prestigious contracts”.
These include rig reactivations and manufacturing modular school buildings.
The newest accounts, signed off by chairman Hayden Smith, report new contracts have also been won, building on “the success of 2023”.
Mr Smith said: “The growth is expected to see turnover increase significantly and for the company to increase margin and profits.
“The company’s cashflow has now seen cash reserves and cashflow increase considerably at year end.”
From its base at Port of Dundee, Texo also manufactured the Orbital O2, the world’s most powerful tidal turbine.
Costing around £10 million, it generates 2MW of power from tidal currents near the Orkney Islands, enough to power 2,000 homes.
Mr Smith continued: “This year saw the first full year of trading after the hive up of the other Texo companies and seen a significant increase in turnover and profit.
“The directors are confident that results will improve more next year as the company continues to invest in a highly experienced and skilled workforce.
“As well as winning further contracts to build on the success of 2023.”
The engineering firm’s accounts reported an increase of staff by 28, taking its total number to 118.
In its accounts, Texo also said the price of oil continuing to impact the market means the company will remain “prudent in monitoring costs”.
The firm said doing so will allow it to reach its financial forecasts.
Texo expecting increased turnover again in 2024 accounts
The director’s report said Texo’s order book for 2024 has “yet again” increased to almost double what was reported going into 2023.
Mr Smith stated: “This equates to around half the company’s predicted turnover for 2024.
“With further contracts and project work secured, along with the constant scrutiny of margins and cost, we see 2024 as our highest turnover and profitability to date, giving a very strong picture for the coming years.”
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