Saltire Energy profits weighed down by oil market volatility

Mike Loggie, Chief Executive of Saltire Energy
Mike Loggie, Chief Executive of Saltire Energy

Tight margins and unrelenting volatility in the oil and gas market put a crimp on Saltire Energy’s profits in 2017-18.

But the Portlethen-headquartered oilfield equipment rental firm said it was “managing the market well” and “adapting to the pressures”.

Bosses at Saltire, founded in 1986, said they were investing profits back into the company to make sure it was strong enough to tackle challenging market conditions.

The firm recorded pre-tax profits before exceptional items of £6.19 million in the year to June 30, 2018, a decrease of 8.7% on the previous year.

Turnover dropped by 21% to £17.7m, despite an uptick in asset utilisation at Saltire, which is the shirt sponsor of Aberdeen Football Club.

Chief executive Mike Loggie said he was confident the group’s “robust strategy” and “astute recognition of the market’s requirements” would keep it in the black for years to come.

Mr Loggie, a former EY Scotland Entrepreneur of the Year, said: “Our competitors are much larger, operating with greater resources – and yet we continue to increase our market share, distinguishing ourselves via availability of product, our wide range of equipment and a genuinely matchless customer service.

“This unique combination ensures that Saltire Energy will continue to develop and trade profitably.”

The company employed about 65 people during the reporting period.