Abderdeen oil and gas tool and equipment supplier reports 43% rise in turnover and 6533% rise in pre-tax profits
Oil and gas equipment hire specialist Saltire Energy has reported a surge in turnover and profits for the 2012 year.
The Aberdeen-based company said turnover for the year to June 30 rose nearly 43 per cent, from £15.1 million in 2011 to £21.6 million.
Pre-tax profits for the year rose 6533 per cent, from £198,978 last year to £13.1 million, though last year the company reported administrative expenses of £9.7 million against £1.7 million for the 2012 year.
Net debt rose slightly on last year, from £32.2 million to £35.3 million.
Sales rose in Saltire's UK, Middle East and European markets, though there were slight reductions in sales in the Americas, Asia, Far East and Australasia and Africa.
Total sales rose from £15.1 million in 2011 to £21.6 million, with European sales up 147 per cent, from £2.53 million to £6.25 million.
Saltire reports wage and salary costs fell from £9.3 million last year to £2.57 million, and the firm added 11 new staff to take its total headcount to 42.
The 2011 salary figures included a £7.5 million payment “for qualifying services” to company director Michael Loggie, which was reported last year to be a record annual pay packet for a Scottish entrepreneur.
Loggie, believed to be the company's highest paid director, fell back to £165,000 last year.
However, Saltire also states in accounts filed with Companies House, that “in order to motivate and incentivise its officers and employees” it established a new pension scheme into which it paid £3.96 million in the last nine months of the financial year.
And the company also states it has paid employees through offshore employee benefit schemes (EBTs), and has agreed to be part of a“representative sample” of companies currently being examined by HM Revenue & Customs (HMRC).
The statement adds: “The company has taken full advice prior to implementing the EBTs and is confident that any review by HMRC will not result in any additional tax becoming payable”