Briggs Marine’s accounts for the year ending March 2016 at Companies House, has shown an annual increase in turnover to £66 million .
The company, which supplies a range of services throughout the marine industry, has 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 Group’s operating profits show a slight decrease from £6m in the previous year to £5.4m for the year ending March 2016, with return on capital employed falling from 25% to 23%.
New contracts throughout 2016.
The company has been awarded a seven year contract with Peel Ports for the supply and operation of pilot launch vessels from the ports of Liverpool and Heysham and a further contract for the provision of oil and gas terminal operational services and support to Essar at the Stanlow terminal in Ellesmere Port.
In addition, further company investment has secured the purchase of two new Mulitcat-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, the company said.
Collieson Briggs, managing director of the Briggs Group, said: “The company 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. This further develops our presence and reputation in the marine services industry, and I am proud of what the company has achieved over the past year. The marine market sector remains challenging, and in the short to medium term, I expect the company to deliver another good operational performance in the year 2016/ 2017 across most existing market sectors.”