An Oldmeldrum-based training, development and competency management specialist is on course for further growth in the global oil and gas industry after securing vital support.
Polaris Learning has been approved for the Business Gateway Growth Pipeline, an intensive 18-month programme which will provide across-the-board support covering business strategy, marketing strategy, IT resources and research into overseas markets.
As part of this process, the company had to provide a detailed growth proposal which outlined an overview of its business, core products, markets, competitors and international sales targets. The firm was also required to demonstrate specific criteria including its use of technology and export strategy.
Polaris Learning expects to record turnover of just under £1million for its December 2016 year-end. With support from Business Gateway, the company is targeting year-on-year growth with turnover projected to increase by more than 50% to £1.5million by the end of 2018.
The company, which currently employs 18 people, expects to add additional personnel to its team in the New Year.
Keith Adam, managing director at Polaris Learning, said: “With the support of Business Gateway we are in a strong position to further develop and implement a truly international growth strategy, as well as receiving invaluable advice and guidance on key elements of our business from a fresh perspective.
“The business is currently in a period of rapid change and potentially high growth through our work to internationalise and use of new technologies, such as the company’s online learning portal PLUS, to expand our geographical reach.”
Andrew Mackay, business adviser at Business Gateway, said: “We first identified Polaris Learning as a potential candidate for the Growth Pipeline service at Business Gateway given the company’s commitment to new technology and supporting people through training and development. We look forward to working together over the coming months to bolster their progress in the expansion of the business.”
In November, Polaris Learning exhibited at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) as part of the SDI Scotland Pavilion.
The company also recently announced expansion into new geographical markets, including the United Arab Emirates (UAE), Saudi Arabia, Malaysia, and Norway, following the development of its online and blended learning portal, PLUS.
The technology – which has already been used by more than 700 unique learners – allows firms to reduce training costs whilst simultaneously continuing to promote competency across their respective workforces. The service is already being used by oil and gas operators and international service companies as well as multinational firms operating in the food and drink, renewables, and manufacturing industries.
The Business Gateway Growth Pipeline is an 18-month intensive advisory service where Business Gateway advisers work in collaboration with the national enterprise agencies, including Scottish Enterprise, to identify and provide access to businesses who have the potential to increase their turnover by £400,000 or more within three years; will trade internationally; and, who are delivering a unique element in their product or service.
These businesses are approved for additional support (products and services) from Scottish Enterprise alongside the Business Gateway growth support.