FAMILY owned shipping and oil services specialist Craig Group has reported a rise in turnover and profit thanks to its international growth.
The Aberdeen business said it had invested around £30 million in its most recent financially year with the majority going on modernising its fleet of emergency response vehicles.
Turnover came in at £177.7m in the 12 months to April 30 this year, up from £146.8m in the prior year.
That helped lift profits after tax from £17.4m to £20.5m.
The Craig International Supplies division, which supplies a wide range of products used in oil and gas exploration and production activity, saw its revenue increase from £48.3m to £65.7m boosted by new contract wins and the opening of further overseas bases.
Group chairman and managing director Douglas Craig said: "Major global contracts secured by our oilfield procurement division, CIS, have contributed to our growth.
"Investment in new bases in Germany, Poland and Africa, to support our clients, has had a tangible impact on our bottom line.
"Our position as a market leader in this field has been cemented through these new contract wins with multi-national oil and gas companies, increased buying power and greater efficiencies for our customers."
The North Star Shipping arm, which operates a fleet of 37 vessels, saw its turnover edge up from £92.6m to £98.5m.
Two new supply vessels were brought on in the financial year with a further six emergency response and rescue vessels in the pipeline.
Mr Craig said: "Our robust financial position allows us to continue to invest in new vessels which offer the highest standards of safety for offshore workers and our crews.
"Since 2003, we have invested £350 million in 28 new vessels and we now have the largest and youngest British wholly owned fleet engaged in the UK offshore industry.
"Coupled with our investment in people and our on-going, commitment to continuously enhancing safety practices and procedures, we are demonstrating to clients that we offer the highest standards of safety and quality with the most modern vessels."
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