Sparrows reports profit increase

Offshore lifting and mechanical handling services company Sparrows UK, has announced increases in profit and turnover for 2012.

Before interest, tax, depreciation and amortisation (EBITDA) profit was £20.8 million (US$3.2 million) with turnover reaching £188 million ($294 million). This is compared to profits of £17.5 million ($27.4 million) in 2011 and a turnover of £172 million ($269 million).

The UK accounts for 53 % of total turnover with international sales making up the remaining 47 %.

Doug Sedge, Sparrows chief executive officer, said, "In 2012, we won significant new contracts, as well as renewals and extensions, across all our bases, indicating that we are meeting the needs of our customers and delivering project excellence.

"In addition, we secured a new investor and carried out a major restructure of the business, lowering our debt by a third. These achievements not only allowed for continued growth but have paved the way for an even more successful year in 2013. Our first quarter was extremely robust and forecasts for the full year are positive compared to budget."