Pioneering technology firm Red Spider has announced revenue growth of 150% in the first half of 2009, breaking the £1m mark in its monthly revenue for the first time. The Aberdeen-based company, which invents creative downhole products for the oil and gas industry, has recorded the same revenue from this period as last year's total. Profitability to date is also up 44% and the recent success looks set to continue throughout the year.
Steve Nicol, Managing Director, said, "This is exceptional news for Red Spider, at a time when many businesses are seeing a downturn. Our hard work and commitment to new technology is really paying dividends. We aspire to take our technology across the world and this year sees us taking big strides towards this goal."
Red Spider puts its success down to a very effective business development strategy and investment in its employees. The company has secured work in Columbia, Germany, India, New Zealand, and across the Middle East and West Africa. It is committed to broadening these horizons further still.
Steve explained, "We've always been a very close-knit team, and our success is testament to the hard work of everyone in the company. This year, the company will introduce a share incentive plan, giving all Red Spider staff the chance to share in the company's success. Investing in our people is a key part of the Red Spider business model. We are proud of the talent we attract."
Investment in the latest technology is at the heart of Red Spider's business. The company spent two years developing the eRED remote equalizing device, which won the coveted Sir Ian Wood Award for Innovation at the Grampian Awards for Business Enterprise. eRED is now in active use in the North Sea, providing significant time and cost savings to a number of world-leading energy corporations. Popularity continues to increase as the success stories from early adopters spread.
Steve added, "It goes to show that technology companies like ours can go against the grain and find success even in a tough economic climate. Red Spider has always prided itself on thinking differently, and we're seeing the pay-off with these fantastic results."
With its purpose-built headquarters in Westhill, new offices in Stavanger and Dubai, the company supplies innovative downhole tools that add value by reducing client operating time, production costs and environmental risks. The company of 48 employees will be looking to increase their headcount by the end of the year.
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