Absoft Oil and Gas Team Success
We are pleased to see that specialist software business Absoft, an RM2 client, has strengthened its foothold in the oil and gas sector after its dedicated new energy team secured a significant rise in revenue and broke into key markets.
Absoft commissioned RM2 to design and implement an employee share scheme in 2006. The company supplies SAP software consultancy and related services. Last year the company created a team focused solely on its core oil and gas activities as part of its long-term growth strategy. The new oil and gas division saw revenue increase by 9% to approximately £3.5million in 2008/09 and secured six new customers. It also expanded its traditional UK market into Norway and the United States.
Division head Don Valentine said: "We're getting very positive feedback from clients on our enhanced offering. As budgets tighten, companies increasingly look to IT as a means of driving costs down and that is where we come into our own."
Absoft as a whole recorded a record turnover of over £5.4million for 2008/09 and record pre-tax profits of approximately £500,000.