7 Aug 2013

MetService wants new acquisition to help double its revenue

7:07 am on 7 August 2013

MetService says its purchase of oceanographic consultancy MetOcean Solutions will help it double its revenues in the next five years to more than $80 million, it says.

The state owned weather forceaster acquired a 49% percent share in MetOcean Solutions, with an option to buy the rest in three years.

MetOcean Solutions works on tracking oil spills, port erosion and keel clearance, graphics for oceans and wind energy.

MetService, which supplies weather information to industry, media and retail businesses worldwide, says the $3 million ensures MetOcean, which is based in Raglan, remains a New Zealand company.

Chief executive Peter Lennox said the deal opened opportunities in the rapidly developing marine sector and the highly competitive global marine weather information market.

"The idea for MetService is to grow and perhaps double within the next five years our profitable revenue. We have to grow internationally because standing still will do nobody any good," he said.

"We're a small company but we've probably got the best blue-chip client list of any New Zealand company."

That included Bloomberg, BBC and Marks and Spencer, and was because it had developed its commercial skills and understood what the customer wanted, Mr Lennox said.