A top boss at north-east engineering service firm Score Group received a near-550% rise to more than £1.7million in his pay package in 2010-11.
The company’s latest annual figures – released yesterday by Companies House – showed its un-named best-paid director – thought to be chairman and majority owner Charles Ritchie – earned emoluments of £1.72million, up from £266,000 the year before.
Peterhead-based Score increased profits in the latest period after selling an investment in Australia.
It disposed of its interest in Score (Pacific) and its subsidiaries for £17.5million, less costs of £127,000.
The group, which provides engineering, research, design, supply, repair, manufacturing and training services worldwide in a variety of market sectors, made a gain of £7.99million following the management buyout. Score’s accounts for the year to September 29, 2011, showed pre-tax profits of £8.83million and operating profits of £1.85million on £116.83million of turnover.
This compares with pre-tax profits of £6.39million and £7.42million at the operating level on turnover of £119.62million a year earlier.
Mr Ritchie could not be contacted for comment but in a statement with the accounts he said: “The recession and the sale of our interests in Score Pacific to the management of that business adversely affected our turnover and the profit increase is due solely to the sale of the Australian business.
“Globally, although the world is in recession, there are areas where we can greatly prosper.”
Mr Ritchie said Score, which employs more than 1,400 people globally, said the firm’s development of young engineers had continued unabated.
He added: “We continue to invest heavily in our people. All told, we have approximately 400 trainees and these team members are critical to our future as our continued prosperity depends on the strength and breadth of the team.”
About half of the group’s turnover comes from overseas operations and Score extended its global reach during 2010-11.
It opened an office in Perth, Australia, and workshops in Jakarta, Indonesia, in addition to expanding its operation at Sandnessjoen, in Norway.
Mr Ritchie said Score had also moved into larger premises at Great Yarmouth to cater for growing demand for its services and entered into an alliance in Ireland with Induchem.