Profits float Craig's boats

CRAIG Group, an Aberdeen-based global shipping company, has revealed a fall in annual revenues but a rise in profits due partly to the sale of a catering business.

The third-generation family company founded in 1933 reported profits of 13.5million in the year 30 April, up by 3.5m from the year before.

Turnover came in at 104.6m, down by 1.4m due to what Craig Group said was a challenging year for the UK oil and gas sector.

Craig Group bought 16 new ships over the past five years, investing 130m. A further five vessels will be delivered later this year. Its catering business was sold for 1.32m in August 2008.

The highest paid director received 649,000.