Fife-based Briggs Marine & Environmental Services has published its new accounts for the year ending March 2016 at Companies House, which show an annual increase in turnover to £66 million.
The company, which supplies a range of services throughout the marine industry increased its turnover by £4 million from the previous year, as a result of increased activity in the repair of subsea cables in the offshore renewable energy industry.
Tighter margins in variable markets saw the company’s operating profits fall from £6 million in the previous year to £5.4 million for the year ending March 2016, with return on capital employed falling from 25% to 23%.
A strong financial performance in the year has been achieved through the Briggs Group despite a downturn in the oil and gas markets and a challenging economic climate in the maritime sector.
The Group has continued its success in securing new contracts throughout 2016. Based in Burntisland, Briggs Group secured the purchase of two new Multicat-type workboat vessels which enhances its already significant capability.
Activity in the offshore renewable energy industry continues to create opportunities for growth within the business, prompting additional investment in cable handling and diving equipment. It also achieving the ISO 50001 accreditation through the establishment and implementation of a new energy management system.
Collieson Briggs, Managing Director,said: “Briggs Group has delivered another strong performance in the year to March 2016, and across the whole group, we continue to be successful in winning new contracts and further developing our presence in the marine services industry.”