International energy service firm 3sun Group has shaken off a challenging trading climate for oil and gas to register large increases in profits and turnover.
3Sun, which employs more than 340 people across operations in Great Yarmouth, Aberdeenshire, Denmark and Norway, made pre-tax profits of £2.6million during the year to March 31, 2015.
This was up from £1.6illion the year before on turnover which grew by nearly 40% to £28.9million.
In accounts lodged at Companies House, 3Sun, which also provides services to the renewable-energy industry, said it had seen growth across all market sectors.
“The board will continue its strategy of developing the business services, products and geographical positioning of the group through a mixture of organic growth, partnerships and acquisition,” it added.
Earlier this year but after the period covered by the accounts, 3Sun acquired Great Yarmouth-based rope access and work-at-height safety training firm AID Industrial.
The value of the deal was undisclosed at the time but the accounts show 3Sun paid £431,900.
Yesterday, 3Sun chief executive Graham Hacon said: “The company has grown steadily and significantly throughout its eight years in operation.
“The last year has been particularly challenging as we adjust to the sustained lower oil price and completion of the installation phase of many offshore wind projects.
“Despite the current market conditions, we remain well-positioned as a fundamentally sound business. Although we continue to have to adapt like many other businesses, we are committed to sustaining our international growth and expansion.”
“The acquisition of AID Industrial was significant for the group and is aligned to our growth strategy for the next five years, ensuring we can offer a full turnkey solution to our customers.
“We are ideally placed to access offshore opportunities in the European renewable and oil and gas sectors, and the (recent) opening of our Danish office allowed us to enhance our operations for local client support, whilst increasing our international footprint.”
3Sun’s activities span engineering, consultancy, design, manufacturing, installation and maintenance services as well as inspections, training and asset integrity management.