Profit Up At Harris Pye Group
Even With Turnover Down, Profit Still Rises
Harris Pye, a specialist repairer in the offshore oil and gas market has announced a profit after tax of £3.9million compared with £3.6million in 2011. Earnings before depreciation amortisation and interest amounted to £9.7milllion (2011, £9.8million). The Group has improved its margins on contracts and has strengthened its’ worldwide presence.
Chris Trigg the Group Financial Director stated, “The management team are extremely pleased with the current year’s results and the Group has strengthened its’ position, particularly in the offshore oil and gas market. The position has been further enhanced with the opening of new offices in both the Middle East and Malaysia”
“In 2011 the company undertook a very large one-off contract in South America at a lower margin than usual with the result that overall the gross margin for the Group reduced to 31%. In 2012 the gross margin increased to 37% and the Group expects to maintain this level in future periods. The Group borrowings have reduced to £5million on a turnover of £80million”
Harris Pye has also opened a new fabrication facility at Llandow in the Vale of Glamorgan, to improve their worldwide capabilities for both offshore work and land based power and utility projects.
Mark Prendergast, Group Managing Director commented, “Harris Pye continues to be the contractor of choice for clients in the offshore oil and gas sector and now has major operational presence in the UK, Dubai, Singapore, Brazil, Malaysia, Kingdom of Saudi Arabia, Australia, Japan, Denmark and Portugal. The Group has also expanded into land based power and utility projects in the Middle East. This is also now transferring to our bottom line and is projected to do so for some time yet! ”
Harris Pye currently employs over 630 permanent employees worldwide and complements this with the use of local subcontractors on its’ major projects. At any point in time, Harris Pye could have over 1500 people working on projects.
For further information, please contact Group Marketing Manager via email: alexys.mackenzie@harrispye.com
Harris Pye Engineering
Floor 12, Mazaya Building BB-1
Jumeirah Lake Towers
Dubai, UAE
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