Inverness firm eyeing up overseas potential
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Manpower provider Orion Group is continuing to look for opportunities despite a drop in turnover and pre-tax profit.
Directors of the Inverness-headquartered firm were pleased operating profit maintained at substantially the same level as 2017 despite downward pressures on margins during the year ending December 31, 2018.
Filing its latest accounts as Orion Engineering Services Limited, it points out market conditions in the oil and gas sector remained subdued.
A strategic report accompanying its latest accounts stated: “The group has the geographic spread and experience to cover the needs of all our clients. In addition, we continue to monitor opportunities in new global locations as they arise.
“The oil and gas market is a key sector for the group but there are other business streams which are also significant contributors. The other sectors in which the group has a significant and growing presence are rail, civil construction, manufacturing, finance, power generation, petrochemicals, renewables and life sciences.”
Pre-tax profit dropped from £6,652,000 in 2017 to £6,381,000 last year.
For the same period, turnover fell from £289,964,000 to £283,983,000. Financial statements show while turnover increased for its activities in the UK, other European countries and North America, it fell in Asia Pacific and Middle East and Africa.
The report stated: “The group operates in highly competitive global markets. The group manages this risk through operating in a variety of countries and sectors without undue reliance on any one contract and through developing innovative solutions to customers resourcing needs.”
The average number of employees dropped from 262 in 2017 to 219 last year. Staff costs also fell, moving from £10,005,000 to £9,138,000. Rewards for the highest-paid director dipped from £643,000 to £627,000.
The report added: “We strive for excellence and to outperform competitors. We work hard to continuously enhance our reputation. We endeavour to be recognised as the world leader in supplying personnel across a number of industry sectors.”
