Osbit Ltd, the Northumberland-based offshore engineering and technology company, has delivered significant export growth and achieved increased turnover and profitability in its most recent financial year.
For the 12 months ending 30 September 2017, the company grew its turnover by 55%t on the previous year, reporting sales of £15.3m.
International sales increased by 65%, accounting for 66% of the company’s total turnover. Meanwhile, UK sales grew by 38%.
Overall profit for the year increased on the year before by 59%, hitting £1.3m and enabling Osbit to make bonus payments to its growing workforce.
The company has grown its workforce by 46% during the year, now employing 60 people at its head office in Riding Mill and production facility at the Port of Blyth.
During this period Osbit delivered a wide range of contracts to 18 customers, growing its presence in the offshore wind industry, particularly for its ‘walk-to-work’ crew transfer access systems, but also for other specialist engineering solutions including an innovative hybrid monopole cleaning tool for Van Oord.
Designed to support the efficient installation of offshore wind turbine foundations, the technology was deployed to the Walney 3 & 4 offshore wind farm in the Irish Sea, where Van Oord was charged with installing 87 monopiles for Ørsted.
Tony Trapp, executive chairman of Osbit, said: “We are proud of our achievements of the past year, which is testament to the talented people at Osbit who continually devise and deliver complex engineering solutions to meet the requirements of our customers.
We are also delighted to be able to grow our workforce significantly by attracting top talent of experienced professionals and graduates. Osbit is an excellent training organisation, which takes new students and graduates and develops them into mature professional engineers and entrepreneurs, and is a strategy we will continue to deliver.”
Tony added: “We are cautiously optimistic about the future and look to build on the success of the past year. We have a strong pipeline and have secured a significant new contract after the year end. By maintaining our company ethos of creating sound engineering solutions in niche areas of technology using properly motivated, exceptional engineers, we believe Osbit can maintain and grow its position in the supply chain of the offshore energy industry.”