Fife-based Briggs Marine and Environmental Services has hailed a “strong operational performance” as annual turnover for the group rose by 30%.
The firm, whose registered office is in Burntisland, saw turnover rise from £58.3 million in 2018, to £75.7m for the year ending March 31 2019.
Margins improved despite what the company has described as “variable and challenging markets”.
The company, which supplies a range of services throughout the marine industry, continues to enhance its offerings in vessel supply and marine services as well as strengthening its presence in a growing offshore renewable energy market.
In the short to medium term, the group expects to sustain its current levels of trading and profitability most of its existing market sectors, but hopes to build on its experience of wind, wave and tidal energy projects to capitalise on the growing renewable energy sector.
The financial performance in the year has been achieved by the Briggs Group despite a challenging economic climate and fluctuating demand in the wider maritime sector.
The Briggs Group has continued its success in securing new and retaining existing contracts throughout the period.
The firm continues in strengthening its assets with the acquisition of new vessels and equipment in support of contracts and market opportunities.
Collieson Briggs, Managing Director of the Briggs Group, said: “The Group has had a strong operational performance in what is a challenging year.
“We continue to focus on delivering on our commitment to our customers and re-enforcing our position as a market leader in the marine services industry.”
Staff numbers at the group rose from 667 in 2018, to 757 across the period, with 686 employed in production and 71 in administrative roles.
Salaries and associated costs increased by 18.6% from £28.4m in 2018, to £33.7m this year, including £492,941 in redundancy costs.
Looking to the future, the group has stressed the “continuous requirement” to find new work for its marine assets,with utilisation of its vessels and sustainablility of market rates key to the profitability of the marine activities in the group.”
The group has a number of subsidiaries, including Briggs Marine Contractors, Briggs Environmental Services and Selkirk Hill Investments.
jimillar@thecourier.co.uk