Northumberland engineering firm Osbit Power (OP) has revealed rocketing profits, from £21,000 to £1.4m, following a year of lucrative contract wins.
Established in Riding Mill five years ago, the innovative independent company provides engineering solutions to the offshore world, with expertise in access systems, subsea trenching and offshore product handling systems.
And the last financial year saw the business boost staff numbers from 19 to 32 as it built up a steady stream of work with global players which has enabled the firm to pay off all of the company start-up debts.
The firm’s profits were posted on turnover growth of around 450% to almost £8m.
Managing director Dr Tony Trapp said: “This is the year that Osbit Power earned its place among the world’s most innovative offshore engineering design and build businesses. We have worked hard and constantly pushed the boundaries to stay at the very top of our game.
“These remarkable results are a source of great pride at OP and provide us with a powerful platform to build on.
“Company strategy is to organically grow the business providing world-class solutions to a diverse range of customers, generally related to offshore oil and gas, and offshore renewables. In achieving this growth OP will generate wealth for the region, the owners and all staff.
“OP engineers are the key resource for the company. OP has a mix of experienced engineers and new recruits. Five fresh graduates joined the business this summer. Six student placements have been completed in 2014 and two of these are signed up to join the business after graduation next year.”
During the year, OP was successful in winning a number of larger contracts and gained important customers including three different Technip businesses, Subsea 7, GE Oil and Gas, Helix and Deepocean.
Technology supplied during the year included a walk to work system for offshore wind and a 35m telescopic gangway to connect an accommodation barge to an oil platform.
The company’s performance is particularly good news for OP’s staff, as 20% of the value of the business is allocated to a share options scheme for the benefit of the entire workforce.