Sparrows Offshore reports lift in turnover and profits

A strong trading performance for Sparrows in the year ended December 2011 has seen turnover rise by £22.5m and profits by almost £6m.

Turnover for 2011 was £172m compared with £149.5m in 2010 and operating profit was £10.6m, up £5.9m on the previous year.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) are £17.5m, an increase of almost £3m on 2010.

The Aberdeen-based company is active in offshore lifting and mechanical handling services for the oil and gas industry.

Last year’s performance, coupled with a strong start to 2012, has led to the company creating more than 200 new jobs with almost 130 of those based in Aberdeen.

Towards the end of 2011, Sparrows launched a recruitment drive to fill 143 positions.

Today, the company said it needs 65 more people with a range of technical disciplines to meet the identified future demand for its services around the world.