Bosses at north-east engineer Score Group have hailed their new Fife-based distribution operation after sales jumped 21% to more than £88.2 million at one of the company’s major subsidiaries last year.
Newly-published accounts for specialist valve division Score (Europe) show how pre-tax profits spiked 90% during the year to September 26, thanks to strong conditions in the subsea market and “hard work” by managers and staff.
In a statement accompanying the filing, chairman Charles Ritchie said the company was seeing strong growth from its established client base, and had successfully supplied the contract for the Knightsbridge floating production storage and offloading vessel being converted by AMEC Larastia for use at EnQuest’s Alma/Galia development in the North Sea.
He added that a strategy to develop the company’s actuation, control and hydraulic pressure unit offering had also paid dividends.
The firm has diagnostic and testing facilities in Cowdenbeath and officially opened a new logistics hub at Southfield, Glenrothes, last summer with the support of a £248,000 regional selective assistance grant from Scottish Enterprise.
“In June this year we opened a logistics and distribution centre in Glenrothes to increase productivity and enhance our capabilities,” Mr Ritchie said in a statement signed off in November but only lodged at Companies House in recent days.
“This has already has a positive impact and, as we continue to invest in additional stock and develop the facility, it will have a greater impact on our process improvements and efficiencies whilst also providing employment opportunities in an area of Scotland where this is badly needed.”
He also outlined continuing investment in facilities at the company’s machine shop in Peterhead, and on testing gear in Cowdenbeath a move which Mr Ritchie said “enhances its position as a leading independent test centre”.
Overall staffing in the company, across sites in Fife, and at Peterhead and Brighouse in West Yorkshire, rose by 80 to a monthly average of around 880 during the ear.
Mr Ritchie also hailed the company’s apprentice intake, with 266 engineering apprentices and 39 administration apprentices now in employment with the company.
“Furthermore the gender mix is improving, with more female engineering apprentices starting with us than ever before,” he added.
News of Score’s backing for work-based learning came as Cabinet Secretary for Training, Youth and Women’s Employment Angela Constance urged Scottish employers to take a leading role in shaping the skills of the next generation at an event in Aberdeen.
Her call came ahead of Scottish Apprenticeship Week, which begins on Monday.
Mr Ritchie said Score (Europe) was “well placed” to confront the future challenges posed by a globally buoyant market.
“We will continue to strive for improvement and build on the success of this financial year,” he added.
The comments come after the wider Score Group revealed turnover of £179.9m over the same period, a 20% increase on the financial year to September 2012, earlier this spring.
Overall group profits rose by 25% to £8.1m, thanks to the benefit derived from the company’s valve operations.
Mr Ritchie warned of “clouds on the horizon” which would impact on overheads, but also hailed buoyant energy markets with record investment worldwide.
The group which also counts newly-opened operations in Australia and Norway among a string of 32 global locations employing a total of 1,400 people says its subsea division is growing at a rate of more than 25% a year in a burgeoning market.