Profits and turnover have soared at an oil firm owned by one of Scotland’s richest entrepreneurs.
Aberdeen-based First Oil – controlled by north-east businessman Ian Suttie – said yesterday it made pre-tax profits of £14.3million during the 12 months to April 30, up from £55,000 the year before.
Turnover in the latest period was just over £94.03million, compared with £53.2million in 2011-12.
The company said operating profits before one-off costs this time were £44million, a 57% increase.
Ranked 12th in Scotland in this year’s Sunday Times Rich List with an estimated personal wealth of £450million, Mr Suttie is a director of several companies.
First Oil describes itself as the largest private, UK-owned company producing oil and gas in the North Sea.
Its latest accounts show emoluments to its best-paid director totalled £205,000 in 2012-13, unchanged from the year before.
The firm said its “considerable” growth and record cash inflow from operating activities – up 71% – followed successful infill drilling programmes on the Bacchus and West Don oilfields, where it has stakes of 20% and 19.28% respectively.
Overall production for the year was in line with expectations at 3,686 barrels of oil (boe) per day, up from 3,005 a year earlier.
Daily output is forecast to increase to more than 10,000 boe by the end of 2013 as a result of first gas from the Juliet field, where First Oil has a 29.44% stake. Managing director Steve Bowyer said: “We are pleased to report on another successful year.”
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