Sparrows profits boosted by buoyant offshore sector

15 July 2014

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A buoyant oil and gas industry market in the North Sea and internationally has helped boost offshore lifting specialist Sparrows’ annual profits by almost 25%.

The Scotland-based company has reported annual earnings before interest, tax, depreciation and amortisation (EBITDA) of £25.9m compared to £20.9m in 2012 and a turnover of £211.7m an increase on the 2012 total of £188.8m.

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."