FIRST Tech, the investment business set up by oil and gas tycoon Ian Suttie, has turned a pre-tax profit of £1.1 million, up from £84,000.
Sales continued to fall at the business, dropping 48 per cent to £7m for the year ending April 30, having stood at £24m in 2014.
The pre-tax profit was aided by a £2.4m interest payment as operating profit fell from £470,000 to £142,000.
The group has a range of investments, from subsea and construction to whisky, marine engineering and research and development in tidal energy. Newly published accounts note that the company’s First Inn and First Whisky subsidiaries are currently non-trading.
Mr Suttie made his fortune when 160 million barrels of heavy oil were found in the Kraken field, in which his First Oil and Gas company had a 30 per cent stake.
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