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”.
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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, with the additional scope of delivering fire and rescue services at Sangachal Terminal.
Collieson Briggs, managing director of the Briggs Group, said that the firm’s ability to win new contracts would help continued growth.
He 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 groupwe continue to be successful in winning new contracts as this further develops our presence.”
The company, which is based at Seaforth Place near Burntisland harbour, was founded in 1972 and has run contracts all over the world in the marine industry.
Among the work undertaken by Briggs Marine is undersea cable works, management and maintenance, oil and gas terminal operations, and vessel chartering.