Sunderland-based Asset55’s financial results for 2019/20 have revealed that turnover has doubled on the previous year, putting it in a strong position to withstand the impacts of the Covid-19 pandemic.
Released today (23/06/20), the SaaS technology company revealed that it has invested more than £1.5m in Research and Development throughout the 19/20 financial period, which lays the foundation for planned growth throughout the coming year.
The company’s success has been driven by strong performance in both of its construction and operations divisions, with contract wins in North America, Indonesia, China and the North Sea.
The Covid-19 pandemic has caused large-scale disruption to the oil and gas sector, which has further impacted the oil price. Despite this, Asset55 still predicts growth as its products and service lines are focussed upon increased productivity, cost reduction and efficiency gains.
Asset55 took action in March to protect the health of its team and ensure business was able to continue with minimal disruption by remote-working. This has helped protect the financial strength of the company. This was despite the fact that the team had just moved into new office space at The Beam on the former Vaux site in Sunderland, following a £250,000 fit-out.
Commenting on the financial results, David Frame, CEO of Asset55, said: “Events since March have overshadowed what was otherwise a very successful year for Asset55.
“We have delivered a strong set of financial results and have continued to execute our growth strategy, expanding our team in the process and driving product innovation.
“While the pandemic has brought unprecedented challenges across the sector, I am very proud of the way the team at Asset55 have responded with a series of swift measures to protect our people and continuing to serve our Operators and EPCMs.
“We’ve added a dozen or so new team members and the group as a whole is very much looking forward to getting back into our new HQ, but safety comes first for us all and I’m delighted with how quickly we’ve all adapted to off-premises working. I would like to thank our team for their exceptional response to the crisis.
“We continue to provide critical services to the oil and gas sector and our software is in growth because in a climate like this, safety and therefore cost efficiency are paramount.
“Although things will continue to be tough for everyone and the short-term outlook remains unclear, we are confident that Asset55 will continue to drive change into the industry across the coming 12 months.”