New contracts see Sparrows’ profits soar

Contract wins helped offshore services group Sparrows grow profits by 17 per cent last year.

The Aberdeen-based firm said earnings before tax and other deductions hit £20.8 million on turnover of £188m, 8 per cent higher than the year before.

Sparrows also increased staff numbers from 1,649 at the beginning of 2012 to 1,748 by the end of the year. It said it is continuing its recruitment drive in the current year, and is seeking a variety of engineers for both onshore and offshore work.

Chief executive Doug Sedge said the company won significant new contracts, as well as renewals and extensions, across all its operating bases in 2012.

He said: “In addition, we secured a new investor and carried out a major restructure of the business, lowering our debt by a third. These achievements not only allowed for continued growth but have paved the way for an even more successful year in 2013. Our first quarter was ­extremely robust and forecasts for the full year are positive compared to budget.”

A specialist in offshore lifting and mechanical handling services, Sparrows was established in 1973.

The UK accounts for 53 per cent of its total turnover.