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AIM-listed 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 in March this year, rose from $31m (拢17m) to $156.3m (拢85.7m).

After one-off costs of 拢41.5m 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 houses in the Middle East from galvanised steel and it recently signed a deal with Saudi Arabia worth about $2bn (拢1.1bn).

Paul Fraser, chief executive, said: 鈥淭he Saudis need four million houses and that鈥檚 still a conservative estimate.鈥�

It is currently working with Miller Group in the Middle East and Fraser said he was in talks with other UK players 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 is looking to move into other countries including Brazil and India. Fraser said: 鈥淭his only needs a semi-skilled labour force, it鈥檚 like snapping Mecano together.鈥�

The company provides machinery to the local market and receives an average of 10p per metre of steel because it owns the technology.

Fraser said there were no plans to enter the UK, describing it as a 鈥渟terile market鈥�.