Energy services firm Senergy has revealed profit growth got back on track in the year it agreed to its acquisition by venerable shipping insurance group Lloyds Register (LR).
Turnover rose slightly to £188million last year from £111million, while profits rose 17% to £1.9million after falling back in 2012, according to accounts published at Companies House.
But the firm admitted it was still pressing ahead with plans to cut up to 30 jobs among its 700 strong global workforce due to challenging markets.
It said its trading results in 2013 were “encouraging” as its worldwide clients increased investment “albeit in a cost-conscious way”. It said it expects global exploration and production spending will increase this year and that its geographical spread and range of services means it will enjoy the benefits of that.
Senergy’s chief operating officer, Alasdair Buchanan, said: “While our profit reduced by 28% from 2011 to 2012 due to making important investments in our international operations, our growth and performance has improved year on year and resulted in profits growing by 17% in 2013 from 2012.
“Senergy also raised investment in September 2013 with LR in order to continue with our growth strategy, but continues to operate independently through its international talent pool of more than 700 people.
However, irrespective of this, global markets in which we operate have evolved. In order to sustain our global business success and retain our competitive edge, it is important that we respond to the challenges and changes we are experiencing by building on the efficiency of our processes by reallocating resources.
“It is, therefore, with great regret and following careful consideration that potentially up to 30 positions within the global business may be made redundant.
“Internal consultation is at an early stage and, as part of this, we are endeavouring to keep the number of redundancies to a minimum as well as doing all we can to support colleagues who may be affected.”
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