Scottish offshore caterer Trinity International Services saw its pre-tax profits fall to £178,962 in the year to last August from £658,461 the previous year.
The Aberdeen-based firm said yesterday this was partly because of rising costs and partly because currency-exchange gains of almost £300,000 had been added to profits a year earlier but not repeated in the latest year.
Trinity continued to grow its business, however, boosting its annual turnover to £14.08million from £13.78million the year before, with new and extended global energy-sector deals providing improved income despite the slow rate of economic recovery worldwide.
The independent company said yesterday that consistent return business with major vessel and installation owners and operators had consolidated its already strong standing in the marketplace.
Recipient of the Queen’s Award for Enterprise for international trade in both 2003 and 2005, more than 80% of Trinity’s business continues to originate overseas.
Chairman and founder Stuart MacBride said: “Increased costs during the financial year had a direct impact on profits, however, 2009 remained a strong year for us with continued international expansion leading us forward. Our client base has remained unstintingly loyal and we believe that the investment we make in delivering the best possible service is the only way to ensure ongoing success.”
Contracts retained and won meant staffing levels remained consistent, with 215 people employed in onshore and offshore roles with the business.
Mr MacBride said: “We added a number of managerial and supervisory staff in 2009, providing further strength to our teams operating in international waters with clients such as Stena, Bluewater and Maersk as well as in the UK.
“Our aim is to continue to develop our services across new markets while building on the already strong global experience we have in the Gulf of Mexico and South America, Canada, Africa, the Middle East and south-east Asia.”