Fast-growing energy sector quality assurance and control specialist Velosi is looking for acquisitions to create a 'one-stop shop'.

Headed by Malaysian nuclear physicist Dr Nabil Jalil, Velosi says it has been picking up business fast in the USA and Nigeria and does not quarrel with analysts' estimates of revenues doubling this year to around £32 million. The company, which floated on AIM in August with a £10 million placing at 90p, lists blue chip oil majors and contractors among its clients and wants to take majority control of promising companies in its sector, leaving existing managements at the helm.

Velosi recently agreed a joint venture with RINA, Italian shipping and offshore oil and gas installation certification body. This should bring the company offshore platform work, though certifying ships themselves remains the preserve of a cosy cartel into which Velosi has not as yet been invited.

Management holds 65 per cent of Velosi, which was founded in 1982 and institutional holders include Invesco, Global Asset Management and Henderson. Velosi says the company might address the issue of being so tightly held next year, but meanwhile the shares could perform satisfactorily on a medium to long term view.

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