Strong growth positions Sparrows for further global expansion
ABERDEEN -- Sparrows reported annual results which show a 12% increase in turnover and almost 25% rise in profits.
The Aberdeen head-quartered 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 $44.37 million (£25.9 million) with turnover reaching $362.57 million (£211.7 million). In comparison EBITDA in 2012 was $35.80 million (£20.9 million) on a turnover of $323.42 million (£188.8 million).
Stewart Mitchell, CEO 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.”