Sparrows profit up by nearly 25%

Offshore lifting specialist Sparrows reported a rise in profit of nearly 25 % and an increase in annual turnover of 12 % in 2013.

Turnover in 2013 was £211.7 million (US$ 288 million) and earnings before interest, tax, depreciation and amortisation (EBITDA) were £25.9 million ($35.2 million). In comparison EBITDA in 2012 was £20.9 million ($28.4 million) on a turnover of £188.8 million ($256.8 million).

Stewart Mitchell, Sparrows chief executive officer, 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.”

Headquartered in Aberdeen, Scotland, Sparrows offers engineered products and services to the oil and gas industry, primarily in offshore lifting and mechanical handling worldwide. It was established in 1973 and employment rose from 1,751 at the end of 2012 to 1,855 in 2014.