Entier enjoys tasty maiden profits after soaring sales

Greig Cameron

Deputy Business Editor

Wednesday 13 February 2013

Offshore catering specialist Entier has posted a maiden profit of £811,757 on the back of soaring sales.

INVESTMENT: Managing director Peter Bruce said Entier is gearing itself up for expansion.

Custom byline text:

GREIG CAMERON deputy business editor

The company – founded in 2008 – went into the black and reversed the £426,560 loss recorded in the previous year.

Accounts filed at Companies House show turnover at the Aberdeen business increased 58% from £16.1 million to £25.5m in the 12 months to September 30, 2012.

The performance in the period helped Entier move from net liabilities of £465,975 to a net assets position of £311,382.There was a £1.9m rise in its invoice discounting arm while more than £563,000 of loans from directors was paid off.Overall the cash at bank and in hand position improved from £1m to £1.6m; however, the net funds of £19,239 became a net debt of £304,179.In his report on behalf of the board, managing director Peter Bruce said significant investment has been made in people, systems and processes to prepare the group for future expansion.He added: "The group is now working in several international areas including West Africa, Philippines, Egypt and Nova Scotia, Canada."Directors' remuneration increased from £555,597 to £644,024, with the highest paid receiving a rise from £150,972 to £211,660.The average monthly number of employees increased from 70 to 98 which pushed total staff costs from £1.7m to almost £2.4m.The company also took on three apprentices under its Fresh Olive programme, with all of them expected to complete the three-year training period before being offered a full-time job.Mr Bruce, also a director at Fraserburgh Football Club, was nominated in the emerging entrepreneur category at the Entrepreneurial Exchange awards at the end of last year having already picked up the emerging director gong at the Institute of Directors Scotland awards ceremony earlier in 2012.The former chef spent more than a decade as managing director for Scotland and the north-east of England at Compass Group before deciding to start his own business specialising in catering for offshore oil and gas rigs.Mr Bruce was not available to comment yesterday.In January this year Entier won a contract with Technip to provide catering and hotel services on six offshore vessels.The three-year deal is worth around £15m and was expected to create 35 new jobs plus the transfer of 50 more people.It is also expected to push Entier's annual turnover to around £33m in 2013.Other customers include Apache, ACE Winches, Survivex and Robert Gordon's College. Aberdeen Asset Management's Martin Gilbert is among the investors at Entier, according to its annual return although he resigned from his non-executive director role in December last year.The accounts show Mr Gilbert and fellow Entier investor Christopher Little were issued with preference shares on September 30, 2011 in lieu of amounts they had previously loaned the business.The company then redeemed the shares on July 12, 2012.

Contextual targeting label:

Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules, which are available here.

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

Entier enjoys tasty maiden profits after soaring sales

Commenting & Moderation

MOST READ

SPONSORED LINKS

MOST COMMENTED