Sparrows reports 25 per cent profit rise

Sparrows has announced annual results which show a 12% increase in turnover and almost 25% rise in profits.

Sparrows, the offshore engineering specialist, has created 100 jobs and announced a 25% rise in profits.

The Aberdeen headquartered company, which provides engineered products and services to the global oil and gas industry primarily in offshore lifting and mechanical handling, has also created over 100 jobs with total employment rising from 1,751 at the end of 2012 to 1,855 in 2014.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were £25.9million with turnover reaching £211.7million. In comparison EBITDA in 2012 was £20.9million on a turnover of £188.8million.

Stewart Mitchell, chief executive officer of Sparrows, said: “Sparrows has capitalised on the buoyant markets in the North Sea and internationally, resulting in excellent results for 2013. International sales have risen, in line with our forecasts, and almost 50% of our revenues are now derived from overseas markets.”

“Increasingly our growth will come from these markets and we are therefore gearing the business towards becoming a much more global entity, while maintaining core competencies in the North Sea. This will enable us to ensure significant, sustainable growth which will deliver a return for our investors while creating and safe-guarding jobs.”

Established in 1973, Sparrows is providing oilfield engineering products and services. The company specialises in offshore lifting, crane engineering and services, mechanical handling, pipe and cable lay systems, fluid power engineering, equipment rentals and competence training.

Press Release, July 10, 2014

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