Profits have soared at oil services company Sparrows, according to the firm’s latest accounts.
The specialist in offshore lifting and mechanical handling services to the energy industry revealed yesterday that it turned over £211.7million during 2013, up from £188.8million the previous year.
Pre-tax profits hit £25.9million during the year, up 23% on the £20.9million made during 2013.
The Aberdeen headquartered company has also created more than 100 jobs, with total employment rising from 1,751 at the end of 2012 to 1,855.
“Sparrows has capitalised on the buoyant markets in the North Sea and internationally, resulting in excellent results for 2013,” said Stewart Mitchell, who took over as chief executive at Sparrows in March.
“International sales have risen, in line with our forecasts and almost 50% of our revenues are now derived from overseas markets.
“Increasingly our growth will come from these markets and we are therefore gearing the business towards becoming a much more global entity, while maintaining core competencies in the North Sea.
“This will enable us to ensure significant, sustainable growth which will deliver a return for our investors while creating and safeguarding jobs.”
Sparrows, set up in 1973, now has 1,273 staff based in Aberdeen. The firm was bought over in 2012 in a deal believed to be worth more than £150million.
It is now owned by US-based private-equity firm AEA Investors, which replaced the London company Close Brothers Private Equity.
The results are the first since Mitchell – a former boss at McDermott International – took over as boss of the firm.
He replaced former chief executive Doug Sedge, who stood down after four-and–a-half years at the helm.
During his time in charge, Mr Sedge has led the significant expansion and internationalisation of the business.
He remains on the board of directors.
The firm’s highest paid director during 2013, believed to be Mr Sedge, was paid just under £400,000.
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