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Sparrows on crest of North Sea wave

SPARROWS, the Aberdeen-based oil and gas services group, has continued to add staff to fuel its expansion.

The group provides engineered products and services to the global industry, specialising in offshore lifting and mechanical handling, and yesterday released annual results for 2013 showing a 12 per cent increase in turnover and a jump of almost 25 per cent in profits. Total headcount has risen from 1,751 at the end of 2012 to 1,855 today.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were £25.9 million with turnover reaching £211.7m. That compares to EBITDA of £20.9m on a turnover of £188.8m for the 2012 financial year.

Stewart Mitchell, chief executive, 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 per cent of our revenues are now derived from overseas markets".

He added: "Increasingly our growth will come from these markets and we are therefore gearing the business towards becoming a much more global entity, while maintaining core competencies in the North Sea."

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