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Trinity International praises clients’ commitment to service

Trinity International praises clients’ commitment to service
Trinity International, the Aberdeen-based offshore and remote-site catering and hotelkeeping service provider to the oil and gas industry, has reported soaring profits.

Trinity International, the Aberdeen-based offshore and remote-site catering and hotelkeeping service provider to the oil and gas industry, has reported soaring profits.

It says in its latest annual report, however, that the global downturn had put pressure on oil and gas contractors from clients whose sole driver was shareholder value.

The Trinity directors said in their report for the year to August 31, 2008, just released by Companies House, that they acknowledged their admiration for all the company’s clients, because they had resisted the drive to reduce costs and thereby standards.

The report also noted that annual profits pointed to a very successful year, but said currency exchange-rate gains had contributed strongly to earnings.

This reflected the fact that about 80% of Trinity’s business was done overseas.

The company has twice been honoured with a Queen’s Award for Enterprise – in 2003 and 2005 – in the international trade category.

The report added that the range of products and services provided by Trinity had increased and that process would continue.

It also said the company had identified new markets and, after analysis, some were being progressed.

Trinity, founded in 1990 by chairman and chief executive Stuart MacBride, is now the largest independent company of its type in Scotland.

The abbreviated accounts do not disclose turnover, but this is thought to be running at an annual rate close to £14million after the company won two major deals following the previous year-end with long-standing clients Stena Drilling and Bluewater.

The contracts were to support North Sea operations and were reported earlier to be worth a combined £3million in the first year.

Trinity said when announcing the deals in December that it would employ an additional 40 staff to service them, taking its total workforce to 215.

The accounts show that pre-tax profits for the year were £658,461, more than four times the £157,496 surplus recorded the year before, although currency exchange gains accounted for £297,705 of the profits in the latest year.

Mr MacBride said yesterday that things were progressing very nicely and he had no complaints on any front.

He said he expected profits and turnover to increase again in the current year and added that he would shortly be able to announce further international expansion.

Trinity’s operations abroad currently include offices in Singapore, Norway, Paris and Algiers.

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