Global investments paying off at Craig International

Craig Group chairman Douglas Craig
Craig Group chairman Douglas Craig

Investment in growing global market share has paid off at Craig International, the Aberdeen company’s owner said yesterday.

Douglas Craig was speaking after accounts for Craig International and its parent, Craig Group, were lodged at Companies House.

Global oilfield procurement specialist Craig International reported a 20% increase in turnover to £100.2 million, from £83.4m a year earlier, across UK and international operations during the year to April 30 2018.

The balance-sheet was hit by costs associated with setting up and growing global operations, particularly in the Middle East, resulting in pre-tax losses of £455,000.

Global market share increased to around 40%, thanks to about £20m-worth of new business in the Middle-east.

Mr Craig said: “The significant growth at Craig International is attributable to our long-term investment strategy.

“We are now delivering out-sourced third party procurement services … in over 55 countries.”

“In 2019, we expect to start reaping the rewards of our investment in global growth with a return to profit.”

Craig Group figures for the six months to April 30 – showing losses of £239,000 on turnover of £48.8m – reflect a restructuring after the sale of emergency response and rescue vessel division North Star Shipping in October 2017.