The Northumberland-based offshore engineering and technology company, Osbit, has reported an increase in turnover by a third during its 2015/16 financial year after boosting its export activity despite challenging market conditions.
For the 12 months ending September 30, 2016, the company achieved turnover close to £10 million with exports increasing by 51 percent and UK sales by 10 percent.
The company has reported a small reduction in its profits to £0.83 million, but has still been able to make significant bonus payments to staff, which is an unusual, but a positive action, in the current stringent industry climate.
The company continues to benefit from the Government’s R&D Tax Relief scheme, which encourages the development of new innovative ideas. This plays an important part in helping Osbit secure contracts from new customers.
During the financial year major contracts delivered by Osbit included the completion of 850t of well intervention systems for three Helix Energy Solutions vessels, Siem Helix 1 and 2, and semi-submersible Q7000. During this period Osbit also added six important new customers for the supply of a range of specialist equipment.
These projects have been delivered from Osbit’s head office in Riding Mill, Northumberland, and a facility at the Port of Blyth. In the past year it has increased its workforce from 40 to 46 and supported employment through its North East-based supply chain. The company has also continued to offer student placements and recruit engineering graduates.
Dr Tony Trapp, executive chairman at Osbit, said: “I am particularly pleased that we have been able to grow the business while extending the range of technology that we can offer and improving the resilience of the business. This has been particularly pertinent in the challenging market where we continue to operate, where customers are looking for new solutions that drive efficiencies and operational productivity.
“Our success comes from the energy, enthusiasm and determination of our engineering team and from my director colleagues. We are able to provide cost-effective solutions remarkably quickly and deliver On Specification, to Budget and In Time, living up to our Osbit name.
“My great pleasure is always to see talented people achieving greatness and having fun doing it, and hopefully creating wealth for everyone in the business.”