DEEP Casing Tools today announced that it placed 36th in the 2023 Deloitte UK Technology Fast 50, a ranking of the 50 fastest-growing technology companies in the UK. Rankings are based on percentage revenue growth over the last four years. Deep Casing Tools grew 850% during this period.
Deep Casing Tools’s CEO, David Stephenson, credits the team’s consistent delivery of innovation plans and continual commitment to technology development with the company’s growth. He said: “I am incredibly grateful to every person at Deep Casing Tools for their dedication and hard work over the past four years. Our team’s commitment to innovation and continuous advancement in our suite of technologies has been pivotal to achieving an outstanding 850% revenue growth in the energy sector.
“As of June 2023, we reached an impressive milestone of over £50 million in revenue sales, surpassing our entire revenue generated in 2022. This highlights the increased demand for our products and services which has enabled our sustained growth throughout this year.”
The Aberdeen headquartered company has developed a range of simple, sustainable and proven technologies that provide a complete solution across the drilling and completion cycle, helping customers reduce time, cost, risk and emissions.
Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, said: “The impressive growth amongst this year’s Fast 50 companies demonstrates the continued tenacity of the UK’s technology industry, despite ongoing economic headwinds, as it cements itself amongst the top locations for venture capital investment globally.
“The Deloitte UK Technology Fast 50 awards acknowledge and showcase the talent and innovation of tech businesses across the country.
“The 50 fastest growing UK technology companies, as ranked by Deloitte, generated £808mn in total annual revenues in the year 2022/23 and employed almost 15,000 people. The Deloitte UK Technology Fast 50 recorded an average four-year growth rate of 5,473 per cent.”
