Aberdeen global shipping and energy services firm Craig Group is targeting a return to profits growth after a near-£5million fall in profits in its last financial year.
The privately owned, family-run business said yesterday it had suffered from challenging trading conditions in the year to the end of April 2010.
Pre-tax profits fell to £10.736million against £15.523million previously.
Turnover was down by more than £12million to £92.363million.
The group, whose core activities are the provision of offshore support, remotely operated vehicle survey, emergency response and rescue vessels (ERRVs) and oilfield procurement, employs around 1,000 people.
Managing director Douglas Craig said: “We are pleased to report steady results for 2009-10 against a backdrop of continued global financial uncertainty.
“Our forecasts for 2011 are very promising, with profits predicted to increase as a result of the continued investment in new vessels and oilfield procurement markets picking up.
“These results reflect the challenging trading conditions in 2009-10 and the final implications of our restructure to focus on our core activities, after divesting of Craig Group Food Services in 2009.”
Mr Craig added: “Although there was a dip in Craig International Supplies’ business as a result of market conditions, this picked up significantly towards the end of the financial year and this division is already performing well ahead of targets this calendar year.
“North Star Shipping continues to perform in line with expectations and our £130million programme of new offshore support vessels was completed this year with the delivery of the Grampian Citadel. However, in 2010, we announced a further investment of £35million in the fleet with four more ERRVs to be delivered in 2012.
“This substantial investment now amounts to 20 new vessels in the last seven years and gives us one of the most modern and safe fleets in the North Sea.”
The accounts, which have just been released by Companies House, show that the highest-paid director – believed to be Mr Craig – had a salary of £706,000 in the latest year, compared to £649,000 previously.
Craig Group paid just over £2.7million of dividends in the year, well ahead of the £300,000 distributed in 2008-9.