Investing in new plant has paid off for Saltire Energy after the oil drilling equipment rental firm posted a 10% rise in revenues.
Accounts filed at Companies House showed that the Portlethen-based company turned over £36.3million in the year to 30 June, up from just under £33million in the previous 12 months.
Pre-tax profits edged up by 3% to £17.7million after a rise in the costs of distribution and sales, including the investment in new rental gear.
Writing in the directors’ report, chief executive Mike Loggie said: “The group’s rentals have continued to show considerable growth.
“The directors consider that continued investment in new equipment will result in good long-term growth for the group.”
In February, Saltire Energy unveiled a seven-figure deal to become Aberdeen Football Club’s shirt sponsor for the next three years, building on work the company had already undertaken with the side’s youth team.
The firm has also sponsored golfer Paul Lawrie since 2011 and will support his first eponymous match play tournament at Murcar Links Golf Club in July and August next year.
Earlier this year, the company moved its warehouse facilities from Tullos to Porthlethen as part of a £5million expansion of its 2.6-acre facilities on the Badentoy Estate.
The expansion was triggered after turnover had jumped to £33million in 2013 from £21.5million in 2012, the second year in a row that the company had notched up 50% growth, with 60% of revenues coming from international projects in areas including Africa, Asia Pacific, the Caspian Sea and the Middle East.
Net debt at Saltire Energy dipped to £34.4million in 2014 from £36million in 2013.
The firm’s headcount climbed to 65 workers from 52, while the total wage bill remained flat at about £4.4million.
