The boss of one of Aberdeen’s largest privately-owned companies says the business is in “great shape” following an 85% jump in pre-tax profits.
Balmoral Group Holdings reported pre-tax profits of £4.03million in the year to the end of March, from £2.17million previously.
Turnover at the company rose 24% to £63.2million, from £50.8million the year before.
This follows a drop in turnover and profitability in 2012 when pre-tax profits fell 85% from £14.25million in 2011, on the back of reduced market demand for drill riser buoyancy and delays in several projects at Balmoral Offshore Engineering.
Chairman and managing director James Milne said the group had returned to growth after a transitional year for the business in 2012.
“We are in great shape to move forward and are seeing significant opportunities for continued growth in all of the markets in which we operate,” said Mr Milne.
He said Balmoral Offshore Engineering saw strong growth in the year, with a 30% increase in turnover.
“This has resulted in a more robust business, which is balanced across all segments of offshore exploration, development and production,” said Mr Milne.
The Balmoral Tanks business also reported growth following the launch of its galvanized cylindrical water storage product to the market last year.
Mr Milne said Balmoral Business Park – the company’s property development project on the south side of Aberdeen – was moving forward at a pace.
He said he expected the Mini and Nissan car dealerships to be operating at the site by the end of 2014, with first tenants expected in the site’s first office building early next year.
“All Balmoral businesses are trading profitably and set for a period of strong growth,” said Mr Milne.
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