Aberdeen based global shipping and energy service firm Craig Group announced a £4million-plus surge in annual profits.
The privately owned, family-run business reported pre-tax profits today of £15.2million in the year to the end of April, compared with £10.7million previously. Turnover jumped to £111.9million from £92.3million.
The company’s core activities are the provision of offshore support, remotely operated vehicle survey, emergency-response and rescue vessels (ERRVs) and oilfield procurement.
Craig Group provides employment for about 1,000 people.
Chairman and managing director Douglas Craig said: “As anticipated last year, we have seen steady growth in 2011 across all our divisions.
“This is primarily due to oil and gas markets picking up, but also down to our continued investment in vessels and people to further enhance our service and give us a competitive edge.”
Capital expenditure in the year was £16.4million of which £15.4million was on the continued modernisation of the ERRV fleet.
The fleet is operated by group division North Star Shipping, which saw turnover increase by 17% to £73.2million. Four new-build ERRVs, commissioned in 2010-11, are due to be delivered this year.
Turnover at Craig International Supplies (CIS), the group’s oilfield procurement division, rose to £34.1million from £30.4million.
Mr Craig added: “Our investment of £170million since 2003, representing 20 new vessels, gives us the largest and youngest British wholly owned fleet engaged in the UK offshore industry.
“This has enabled us to win new contracts and retain existing ones as oil and gas operators are rightly demanding the best vessels and crews to support operations in the hostile North Sea. Investment in e-procurement technology and systems in all our geographic locations has positioned CIS as a leader in global oilfield procurement and, in 2011, we secured a number of new contracts and extensions to existing contracts.”
The group donated £397,000 to various charities and local causes last year, including Robert Gordon’s College and the new Aberdeen University library.