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Oil downturn hits profits at waste firm MSIS

Energy Voice

Inverurie and Invergordon-based oil and gas waste management group MS Industrial Services (MSIS) slid into the red during the 18 months to June 30, 2016.

The firm has recently changed its accounting period.

Its latest accounts, released by Companies House yesterday, show pre-tax losses of £419,275 due to the impact of the oil and gas slump.

This was after profits of £1.732million in the previous 12 months.

Turnover during the latest period totalled £12.8million, up from £10.8million in the year to December 31, 2014.

MSIS said a strong performance in its industrial market, as well as cost-cutting and new market development all helped to mitigate the impact of the oil and gas downturn.

The company employed 79 people, on average, during the latest period – roughly the same as it did in 2014.

Private-equity firm Primary Capital Partners has controlled the business, launched in 1998, since Maven Capital Partners sold its stake about two years ago.

Maven banked an £8.75million profit as part of the £20million deal, having invested an initial £2.5million in the firm as part of a £6million buyout – led by MSIS chief executive Chris Lloyd – in 2007.

Mr Lloyd, previously managing director for Europe of Aberdeen-based international offshore logistics company Asco Group is still chief executive.

The current MSIS board also includes oil and gas industry veteran John Forrest as chairman.

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