Briggs Marine & Environmental Services has published their new accounts for the year ending March 2018 at Companies House, which show an annual Turnover of £58m, reflecting an increase of 17% from the previous year.
The company, which supplies a range of services throughout the marine industry, has seen its Turnover increase from the previous year, as a result of higher utilisation of marine assets in a sector which has been affected by fluctuating activity levels, in addition to a higher level of activity on non-core work at the Woolwich Ferry as part of the project to upgrade the berthing facilities for the arrival of new vessels in late 2018. The year also included revenues from the provision of services and support to the salvage of the MV Kea Trader in New Caledonia.
Margins improved despite the variable and challenging markets, which saw the Group’s operating profits show an increase from £2.2m in the previous year to £3.2m for the year ending March 2018, with return on capital employed improving from 10% to 14%.
The financial performance in the year has been achieved by the Briggs Group despite a challenging economic climate and fluctuating demand in the maritime sector. The Group has continued its success in securing new and retaining existing contracts throughout 2018, having secured a contract for provision of mooring services at the Port of Liverpool, and being successful in renewing a contract for oil spill response throughout the Caspian region, with the additional scope of delivering fire & rescue services at Sangachal Terminal.
In addition, further company investment has secured the purchase of three new Pilot Launch Vessels for use in delivery of pilot services to Peel Ports at the Port of Liverpool, with additional investment also demonstrated by the procurement of a twin basket launch and recovery system (LARS) for diving.
Collieson Briggs, Managing Director of the Briggs Group, said: “The marketplace remains challenging, but the Company has delivered a profitable performance in the year to March 2018, and in the short to medium term I expect the Company to continue delivering improved operational performance in the year 2018/ 2019. It is great to see, that across the whole group, we continue to be successful in winning new contracts, as this further develops our presence and reputation in the marine services industry.”
Kea Trader aground on Durand Reef, South Pacific