Fife-based Briggs Marine & Environmental Services has overcome “challenging” conditions in the oil and gas markets to book a double-digit rise in turnover.
Newly published accounts for the year ending March 2018 show an annual turnover of £58 million, up 17 per cent from the previous year.
The Burntisland-headquartered company, which supplies a range of services throughout the marine industry, said revenues had risen as a result of higher utilisation of marine assets in a sector that has been affected by “fluctuating activity levels”.
Margins improved despite challenging markets, leading to the group’s operating profits increasing from £2.2m to £3.2m, with return on capital employed improving from 10 per cent to 14 per cent.
The group said it had continued to secure new business while retaining existing contracts throughout the year. It landed a contract for the provision of mooring services at the Port of Liverpool and was successful in renewing a deal for oil spill response throughout the Caspian region.
Collieson Briggs, managing director of the Briggs Group, said: “The marketplace remains challenging, but the company has delivered a profitable performance in the year to March 2018, and in the short to medium term I expect the company to continue delivering improved operational performance in the year 2018/2019.
“It is great to see, that across the whole group, we continue to be successful in winning new contracts, as this further develops our presence.”