Osbit grows by 33 per cent despite challenging marketCompany News // December 21, 2016
Osbit, the Northumberland, UK-based offshore engineering and technology company, has grown turnover by a third during its 2015/16 financial year after increasing its export activity, despite challenging market conditions.
For the 12 months ending 30 September 2016, the company achieved turnover close to £10 million with exports increasing by 51 per cent and UK sales by 10 per cent.
The company has reported a small reduction in its profits to £0.83 million, but has still been able to make significant bonus payments to staff, which is an unusual, but a positive action, in the current stringent industry climate.
The company said its success is attributed to its "commitment to consistently create new solutions for difficult offshore challenges."
The company continues to benefit from the UK government’s R&D Tax Relief scheme, which encourages the development of new innovative ideas. This plays an important part in helping Osbit secure contracts from new customers.
During the financial year major contracts delivered by Osbit included the completion of 850 tonne of well intervention systems for three Helix Energy Solutions vessels, Siem Helix 1 and 2, and semi-submersible Q7000.
Osbit also added six important new customers for the supply of a range of specialist equipment. The projects were delivered from Osbit’s head office in Riding Mill, Northumberland, and a facility at the Port of Blyth.
In the past year it has increased its workforce from 40 to 46 and supported employment through its northest of England supply chain.
The company has also continued to offer student placements and recruit engineering graduates.
Dr Tony Trapp, executive chairman at Osbit, said: “I am particularly pleased that we have been able to grow the business while extending the range of technology that we can offer and improving the resilience of the business. This has been particularly pertinent in the challenging market where we continue to operate, where customers are looking for new solutions that drive efficiencies and operational productivity.
“Our success comes from the energy, enthusiasm and determination of our engineering team and from my director colleagues. We are able to provide cost-effective solutions remarkably quickly and deliver 'On Specification, to Budget and In Time,' living up to our Osbit name. My great pleasure is always to see talented people achieving greatness and having fun doing it, and hopefully creating wealth for everyone in the business.”