A HAMPSHIRE firm has reported an explosion in 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 over £20m.

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

Tim Drake, finance director, 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 the 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 factory in Middlesbrough.