Sparrows Reports Profit and Turnover Growth
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.