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Briggs Turnover up 23%

Briggs Marine & Environmental Services has published their new accounts for the year ended 31 March 2015 at Companies House, which show an increase in annual turnover to £62m.

The company, which supplies a range of services throughout the marine industry, has increased its turnover by over £11 million from the previous year, as a result of increased activity in the offshore wind industry, and higher vessel utilisation.

Briggs were also involved in the high profile salvage of the Lysblink Seaways cargo vessel that ran aground on the West Coast of Scotland earlier last year. The Lysblink was taken into tow by Briggs vessels, the Kingdom of Fife and the Forth Jouster. The company also provided support from its newly formed Diving Services Division, carrying out underwater inspections on the hull, and Briggs Environmental were on-hand throughout the salvage operation to contain any oil spill in the environmentally sensitive area.

As a result, Group operating profit saw an uplift from £3.7m in the previous year to £6m for the year ending March 2015, with return on capital employed increasing from 18% to 25%.

The strong financial performance in the year has been enhanced through the Briggs Group being successful in securing new contracts throughout 2015, despite a downturn in the oil and gas markets and a variable economic climate.

The rise of the offshore wind industry is a major area of growth for the business and in the past year the company has been awarded an eight year framework agreement with DONG Energy for the contingency and repair of export and array cables at their offshore wind farms in the UK and Northern Europe. In addition, the Subsea Services Division also successfully completed an OFTO cable repair on Vattenfall’s Thanet Wind Farm for Balfour Beatty in August.

The Group has further expanded its Aids to Navigation and Vessel Management Services Divisions by winning two contracts with Peel Ports, including a contract for the supply and operation of pilot launch services from the ports of Liverpool and Heysham.

Collieson Briggs, Managing Director of the Briggs Group, said: “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. I am proud of what the Company has achieved over the past year and expect the Company to deliver another strong performance with further organic growth in the year 2015/ 2016.”

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