DOWNHOLE PRODUCTS LIMITED

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +27%

  £32,433,281 → £41,201,316

• Cash

  +1,240.2%

  £715,407 → £9,588,099

• Net assets

  +10.6%

  £82,783,883 → £91,569,859

• Employees

  -11.1%

  18 → 16

• Operating profit

  +27.1%

  £10,056,066 → £12,776,407

• Profit before tax

  +37.5%

  £8,782,986 → £12,075,951

• Wages

  -1.2%

  £1,092,921 → £1,079,465

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. DOWNHOLE PRODUCTS LIMITED 1996-12-10 → present
2. DOWNHOLE PRODUCTS (U.K.) LIMITED 1993-11-16 → 1996-12-10
3. MATCHSURVEY LIMITED 1993-07-12 → 1993-11-16

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In the event that the company requires assistance to meet its financial obligations, the Group would be able to provide support to the company. The directors have received a letter of support from the Group, confirming it will provide financial support to the company that will not be withdrawn during a period of 12 months from the date of authorisation of the financial statements, in order to allow the company to continue to operate as a going concern.”

Group structure

1. DOWNHOLE PRODUCTS LIMITED · parent
   1. Ian Hay (Engineering) Limited 100% · Scotland
   2. Downhole Products Holdings USA Inc 100% · USA
   3. Aberdeen Products Inc. trading as Downhole Products USA 100% · USA
   4. Downhole Products Asia Sdn Bhd 100% · Malaysia
   5. Downhole Products Middle East Fze 100% · Dubai, UAE
   6. Smooth Team Investments Limited 100% · Hong Kong
   7. Varel UK Limited 100% · Scotland
   8. Sledgehammer Oil Tools Pvt Limited (SOTPL) 100% · India

Significant events

• “The year 2024 marked a strong financial year and continued sustained growth from 2023 for Downhole Products Limited, continuing to build on the strong foundation and recovery established in earlier years.”
• “Operating profit increased to $17,090k (2023: $13,452). This growth was underpinned by cost efficiencies realized from 2022 acquisitions, improvements in procurement processes, and strategic pricing initiatives along with greater customer intimacy.”
• “We effectively closed on the remaining 22% share capital of purchase for Sledgehammer Oil Tools Pvt Limited in September 2024.”
• “On January 2025, the company entered into an agreement to acquire 100% of the share capital of Ace Well Technology AS (ACE) for a consideration of $10,700k.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.