In the period ending September 30 2015, the North East England-based company saw an increase in international business, which led to its exports accounting for 55 percent of its turnover – up from seven percent the year before.
Despite the steep drop in the oil price, which has had an industry-wide impact on performance and limited the demand for design and build systems and equipment, the company secured a number of new customers and won a number of contracts including two larger projects each valued in the region of £3 million. These projects helped the company deliver turnover of £7.43m and profits of £1.087m.
OSBIT, which has its head office in Riding Mill, Northumberland, is pursuing new opportunities and markets to further counter the continuing impact of the poor market conditions in the oil & gas sector. This includes building presence in markets including offshore renewables and developing new technology solutions.
The company is heavily involved in engineering research and development and has received support through the Government’s R&D Tax Relief scheme. This has enabled the business to devote considerable resource to the creation of innovative solutions to complex offshore challenges and secure major contracts from international customers.
OSBIT Power has also continued its commitment to developing its skilled workforce, which it has increased by 18 percent during the 14/15 financial year. Now employing 40, the company is building a workforce for the long-term by taking student placements and employing excellent new graduates.
Dr Tony Trapp, Executive Chairman at OSBIT Power, said: “Our performance demonstrates we have a very sound business in the face of what is undoubtedly a very tough and challenging market. OP is in a good position to strengthen during the current market difficulties while providing excellent customer value. When good market conditions return the company will be very well placed.”
He added: “I wish to thank OP staff for their achievements and their fortitude over this challenging year and the pleasure that so many provide by their energy, enthusiasm, determination and good humour to deliver excellence. I also want to thank my fellow directors for their support and encouragement during this current purgatory.”