Turnover for Craig Group’s emergency response business dropped nearly 20% in the financial year before its sale to international investors.
But the family-owned group’s global oilfield procurement arm did well during the 12 months to April 30, 2017 – recording a 21.9% increase in turnover.
Aberdeen-based Craig Group revealed in November it had sold North Star Shipping to Basalt Infrastructure Partners for an undisclosed sum.
North Star provides essential emergency response and rescue services to the offshore industry in the UK North Sea.
New accounts published by Companies House show turnover at the business fell by 18.5% to £76million in the 2016/17 trading year.
Despite the decline, North Star still accounted for a large chunk of Craig Group’s turnover during the period.
Group turnover totalled £160.6million, down from £163.9million a year earlier. The company chalked up pre-tax profits of £5.3million in the latest period, about 50% lower than in 2015/16.
The firm’s oilfield procurement arm, Craig International, saw turnover grow to £83.4million, from £68.4million previously, thanks to contract wins by overseas subsidiaries.
Craig Group also owns and manages a golf retail outlet and the Kings Links golf driving range.
Chairman Douglas Craig said: “These results reflect the continued challenges facing the industry in 2016/17 which have seen margins squeezed across the supply chain.
Craig International performed exceptionally well, increasing its global marketshare with the award of several high profile contracts.”