A Scottish offshore services firm has announced profit growth of 17 per cent for the year, on an increase in turnover of eight per cent.
Sparrows, which is based in Aberdeen, said its growth had been spurred by major contract wins and extensions for the period. Before tax and deductions, the firm made a profit of £20.8 million, turning over services valued at £188 million.
The specialist offshore lifting and mechanical handling firm also said that it has added nearly 130 positions in the year. At the start of 2012, the company employed 1,649 members of staff. By the end of the year, this had grown to 1,748.
The recruitment drive has continued into 2013 too, and it is still on the hunt. According to the firm, both on and offshore engineers are presently being recruited.
As with many companies in Scotland, a restructuring has helped the firm. Some businesses are using factoring companies in Scotland to help. Doug Sedge, the chief executive for Sparrows, said:
“We carried out a major restructure of the business, lowering our debt by a third.”
The lowering of debt, which invoice factoring can help with, was seen as key to the growth of the company in 2012.
Sedge went on to say that it has also paved the way for further development, with very positive forecasts for the full year.
Established in 1973, the firm operates in and outside of the UK, with 53 per cent of its turnover represented by the UK market.