Acquisitions drive profits at Sondex

24-08-2006

Oilfield technology firm Sondex saw its profits increase by 62 per cent in the year to the end of February, driven by strong demand and acquisitions.

The company made £51.4 million up from £31.7 million during the previous 12 months.

Sondex has benefited from the booming oil industry, which has been enhanced by demand from emerging economies.

With this demand set to continue, Sondex is expecting to do even better in the current financial year.

"Sondex enters the new financial year with confidence," said Sondex chairman Iain Paterson. "The current order book is strong as operators are continuing to seek innovative ways to optimise ultimate recovery from maturing fields.

"We believe that Sondex is well placed to deliver further growth."

Oil has remained at or around $70 a barrel this year amid concerns over the security of supply and pressure from industrial growth in China and India.

With demand showing little sign of abating, companies like Sondex believe they are well-positioned to secure further increased revenue.



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