A HAMPSHIRE firm has reported an explosion in its turnover.

MAATS Tech Limited, who are based in Micheldever, design and build under-deck carousel systems used in laying flexible pipelines and power cables.

They have reported a 100 per cent increase in revenue from 2012 to 2013, from £10m to more than £20m.

The expansion has also meant more jobs, with engineering staff having doubled from 12 employees to 24.

Finance director Tim Drake said: “We suddenly found that we were getting a huge increase in the volume of orders for delivery at one time, and this created a cash flow challenge.”

The firm approached NatWest bank and were able to secure funding of £1m, with the majority being guaranteed by UKEF, the UK’s export credit agency.

Paul Croucher, head of short-term products at UKEF, said their scheme was “set up with this kind of deal in mind”.

Neil Cockburn, of NatWest, said: “MAATS Tech Limited leads the way in the marine sector, so it was a real pleasure to assist with finding the funds to allow them to expand.”

MAATS Tech Limited was started 20 years ago by managing director, John Holt, as a marine engineering consultancy.

It now employs 30 people across three offices – the head office in Micheldever, a design office in Gloucester, and a production facility in Middlesbrough.