Structural steel specialist Panceltica has quadrupled turnover in the six months to 30 June 2008 and said it will become a billion-pound company in three years.
Turnover at the Qatar-based company, which defied the downturn to float on the alternative investment market in March this year, rose from $31m (拢17m) to $156.3m (拢85.7m).
After one-off costs of $41.5m (拢22m) associated with the flotation, it made a pre-tax loss of $19.8m (拢10.9m) over the year.
The group鈥檚 main activity is building galvanized-steel houses in the Middle East and it recently signed a deal with Saudi Arabia worth about $2bn (拢1.1bn).
Paul Fraser, Panceltica鈥檚 chief executive, said: 鈥淭he Saudis need 4 million houses and that鈥檚 still a conservative estimate.鈥�
Panceltica is working with Miller Group in the Middle East and Fraser said he was in talks with other UK firms in the region. 鈥淧ick any big UK company in the Middle East and we鈥檙e talking to them,鈥� he said.
Fraser said he was looking to move into other countries, including Brazil and India.
He said: 鈥淭his system only needs a semi-skilled labour force; it鈥檚 like snapping Meccano together.鈥�
Fraser said he had no plans to enter the UK, describing it as a 鈥渟terile market鈥�.
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