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Shipping company sees profits climb

Category: Scotland Success Stories — Paul Morgan on November 20, 2012

An Aberdeen shipping and energy services company has seen its turnover rise by more than £11 million in the year, helping boost operating profits by £1.7 million in the same period.

Craig Group, which supplies support and supply services to the oilfields in the North Sea, has been boosted by the continuing vibrancy of the energy market. Speaking about the results, taken to April 2012, the group’s MD Douglas Craig said:

“We are pleased to report healthy results across all three divisions for 2011/2012.”

The firm comprises three groups operating in key areas.

Its North Star Shipping division saw turnover increase to £80.3 million, up 9.7 per cent in the period. The year also saw the addition of four new fleet vessels, while 100 new jobs were created.

Meanwhile, the firm’s oilfield procurement division, Craig International Supplies (CIS), saw turnover move up to £37.6 million, a 10.3 per cent increase. Craig also said there were plans for further expansion:

“We are particularly excited by the potential of CIS’ global strategy, which will see the procurement division moving into new markets including West Africa, Central Europe and Australia over the next year.”

In the last nine years, the firm has injected £215 million to modernise its core business and assets. It is a trend which other firms in Scotland have followed too, many with the help of factoring facilities.

For Craig Group, the future looks very bright, boosted by the diversity of its operations – its third division is in the leisure market – allowing for wide ranging opportunities to be taken.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

1 Comment »

  1. I’m proud of all that Scotland’s achieved the last few years, despite the economy being in the doldrums. If we do get a Yes vote for independence in a few years, I hope this business’s success will be an example of how Scottish firms can really succeed on a global scale.

    Comment by David — November 20, 2012 @ 11:47 am

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