A back deck systems manufacturer more than doubled profits in its most recent financial year – but said it doesn’t expect the same results next year as it grapples with the effects of the oil price crash.
Maritime Developments saw its pre-tax profits rise to £828,057 in the year to the end of March 2015, from £395,349 in the year prior, according to accounts filed at Companies House. Turnover of £11.6million was flat compared to 2014.
The accounts also showed that the number of employees at the firm, which is based at Peterhead and Aberdeen with an operation in Houston, rose from 40 to 53 in the year.
The company, led by chief executive Derek Smith, said it has invested back in the business including expanding its rental fleet. In the strategic report, he said that its profitability was driven by the growth in the rentals business.
A spokeswoman for the firm said: “2014/15 was a good year for MDL as we enjoyed a healthy backlog of work to keep us busy in the declining market. These results helped us to invest internally in our portfolio of portable pipelay equipment and our rental fleet. Thanks to that we can now offer cost-cutting solutions to the market to help it continue operations in this downturn.
“At the same time, we have not been immune to the impact the low oil price has had on the market, and we expect this to be reflected in our 2015/16 figures”.
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