The UK’s weak pound has blown a £2.1 million hole in the balance sheet of north-east company Altus Intervention Limited (AIL).
Altus, based in Portlethen, said its underlying trading performance was “steady” during the year to December 31, 2017 despite a drop in revenue.
But pre-tax losses widened to £3.3m, from £454,000 the year before, after the hit from sterling’s weakness against the US dollar.
The pound has taken a pummelling – compared to the dollar, the euro and a raft of other currencies – since the Brexit vote in June 2016.
Accounts lodged at Companies House show Altus, which employs 530 people in the supply of well intervention services and technology to the oil and gas industry, primarily in the North Sea, has “significant financial assets” in US dollars.
The firm saw sales drop by 5% to £72m last year, from £76m in 2016.
AIL president Garry Michie said yesterday the business was poised to benefit from “clear signs of a strengthening North Sea as well as improved conditions worldwide”.
Mr Michie reported year-to-date activity in 2018 “significantly up” on last year, adding: “We are now looking to build upon the experience we have, and the investments we’ve made in new technologies and techniques to further transform the way we approach well interventions.”
AIL is part of the Norway-based Altus Intervention group, owned by private-equity investor EQT.