A growing customer base outwith its oil and gas market has allowed an Aberdeen firm to record an increase in turnover and profit during the last financial year.
ARR Craib Transport saw pre-tax profits increase by £92,000 to £1.141million, while turnover was up by 3% to £44.8million in the year to March 2017.
The haulage firm said the challenges of the downturn in the North Sea production again impacted on operations with continued pressure on margins.
But they said there was a slight rise in the oil and gas activity compared to an extremely challenging period in 2015/16 when it was at one of its lowest points.
ARR Craib said there was an uplift too in the volume of work from other sectors, including fast moving consumer goods and construction, which also contributed to what is being considered a solid performance overall. The annual accounts for March 2016 to March 2017 were lodged with Companies House yesterday. The accounts also show a continued investment into a fleet of heavy goods vehicles, as well as training and staff development.
ARR Craib Transport chief executive officer Eddie Anderson said: “As with many businesses that supply the oil and gas sector, 2016/17 was another challenging year with pressure on margins. However, we did see a slight increase in oil-related activity following on from an incredibly difficult period the previous year.
“This, in addition to the growth of our customer base in other markets, including highly specialised services for food and drink, has allowed ARR Craib to maintain a profit.
“We understand that it has been a very challenging time for all businesses in the north-east, and we will continue to work closely with customers in response to these trading conditions.
“Overall, we feel this is a good and creditable performance in what continues to be a very tough market and I would like to thank our staff at our bases across the UK for their role in contributing.”
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- Standardising specifications: a new approach
- OPINION: Victim’s son fears another Piper Alpha is ‘just around the corner’
- OPINION: Contractor lawyers in demand as firms reluctant to return to bloated workforces
- OPINION: Are Electric Vehicles changing BP’s business model?
- OPINION: Where helicopter safety is concerned, regulations matter