Sparrows Reports Profit and Turnover Growth

MarineLink.com
Monday, August 12, 2013
Doug Sedge

Sparrows,  a company in offshore lifting and mechanical handling services, announced increases in both profits and turnover for 2012.

Earnings at the Aberdeen headquartered company before interest, tax, depreciation and amortisation (EBITDA) were £20.8 million with turnover reaching £188million. In comparison, profits in 2011 were £17.5million on a turnover of £172million. The U.K. accounts for 53% of total turnover with international sales making up the remaining 47%.

Doug Sedge, chief executive officer at Sparrows, said, “In 2012, we won significant new contracts, as well as renewals and extensions, across all our bases, indicating that we are meeting the needs of our customers and delivering project excellence.”

Sparrows also increased staff numbers from 1,649 at the beginning of 2012 to 1,748 by the end of the year. The company is continuing its recruitment drive to build capacity for future work with opportunities in engineering and operations positions both onshore and offshore including mechanical engineers, mechanics and electricians.

Mr Sedge added, “In addition, we secured a new investor and carried out a major restructure of the business, lowering our debt by a third. These achievements not only allowed for continued growth but have paved the way for an even more successful year in 2013. Our first quarter was extremely robust and forecasts for the full year are positive compared to budget.”

Sparrows Offshore traded as a group throughout 2012. However on October 24, 2012 the trading subsidiaries of the group were acquired to form a new Sparrows Offshore Group of companies subsequently the accounts lodged at Companies House today for Sparrows Offshore Group Limited are only for the period following incorporation (August 23, 2012 to December 31, 2012). The commentary in these accounts takes account of the full trading year’s figures and reveal the 17% increase in profits and 8% increase in turnover.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BMW Opens Vehicle Distribution Center at Baltimore Port

BMW Group celebrated the official opening of its newest Vehicle Distribution Center at the Port of Baltimore yesterday. The facility will serve 96 dealers within

David Palacios is Director of Quality, Environment & Safety, SENER

The engineering and technology group SENER has brought together its Quality, Environment and Safety divisions into one unified Department. The move aims to reorganize

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Offshore

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Rosneft says Exxon Still Continues to Work With it in Arctic

Russia's biggest oil producer Rosneft said on Saturday that Exxon Mobil was still continuing exploration drilling at their joint project in the Arctic Kara Sea.

EMGS - New Contract in the Norwegian Sea

Electromagnetic Geoservices ASA (EMGS) announced an agreement from Statoil Petroleum AS for the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth USD 1.

Finance

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

News

USCG Crew Rescues Three in Tomales Bay

The Coast Guard rescued three individuals from the water in Tomales Bay, Sunday morning. At approximately 8:30 a.m., Coast Guard Sector San Francisco Command

Significant Progress on Perth Wave Energy Project

Wave energy developer Carnegie Wave Energy Limited has provided an update on the recent progress of the Perth Wave Energy Project. Carnegie has made significant

BMW Opens Vehicle Distribution Center at Baltimore Port

BMW Group celebrated the official opening of its newest Vehicle Distribution Center at the Port of Baltimore yesterday. The facility will serve 96 dealers within

Marine Equipment

EMGS - New Contract in the Norwegian Sea

Electromagnetic Geoservices ASA (EMGS) announced an agreement from Statoil Petroleum AS for the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth USD 1.

Lilaas Engages Imtra for N. American Distribution

Strong prospects in the North American marine equipment market have triggered a new importation and distribution agreement between control specialist Lilaas

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2529 sec (4 req/sec)