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

People & Company News

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Offshore

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

When Will Deep Sea Mining Commence? The Robot is Ready

The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea

Finance

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

Liftboats

South Korean Ferry Incident Update

Almost 100 ships, 18 helicopters involved in rescue; as many as 340 people from one school thought to be on board. Accident may be South Korea's biggest in 20 years.

Excellence Award for Liebherr Mining by Balanced Scorecard Institute

For their strong commitment to leadership, strategic management, performance analysis and continuous improvement, Liebherr Mining Equipment Newport News Co. has

News

Crewman Claims Ferry Captain "Rushed Back To Bridge"

The captain of a South Korean ferry that capsized two days ago rushed back to the bridge after it started listing severely and tried in vain to right the vessel,

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

Marine Equipment

Van Oord acquires 100% control of Dravo

Van Oord has acquired all shares of its Spanish subsidiary Dravo S.A.  Dravo S.A. has been owned, since 1987, by Van Oord (50%) and the Spanish company Dragados S.

ClassNK Approves Fillet Welding Consumable

Classification society ClassNK announced that it has granted type approval for the new MX-200F welding consumable, developed by Kobe Steel Co., Ltd. (KOBELCO) to

GE Gas Turbines Power USS America

GE Marine reports that the United States Navy’s future USS America (LHA 6) amphibious assault ship recently completed successful acceptance sea trials powered by two GE LM2500+ marine gas turbines.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.2384 sec (4 req/sec)