Tue, 07 Feb 2023 | BUSINESS NEWS
Marine engineering and warehousing business Shepherd Offshore has announced it will target acquisitions after its revenue rose 21.5 per cent last year. The company said that income from property disposals had put it in a strong position to grow through M&A activity.
In the year ending April 2022, the company’s revenue increased to £38.2 million from £31.5 million a year earlier, while total equity rose from £96.86 million to £108.8 million. Despite this growth, the firm’s operating profit fell from £17.16 million to £15.96 million, pre-tax profit fell from £17.05 million to £15.8 million and total comprehensive income fell from £13.8 million to £12.3 million.
The firm’s parent company, Shepherd Offshore group limited, meanwhile, reported profit of £18.9 million, up from £6.76 million a year earlier, while rental income grew 9.7 per cent to £5.3 million and property development income remained level at £1.4 million.
Sites owned by the company include Swans Energy Park in Wallsend, the Offshore Technology Park and Neptune Energy Park in Walker, Halbeath Interchange in Scotland and the Mitford estate in Northumberland. Tenants of properties owned by the group include Baker Hughes, IHC, Royal IHC Ltd, JDR Cables and Bridon-Bekeart.
In the report for the company’s 2021-2022 accounts, director Bruce Shepherd commented: “In the opinion of the directors, the results of the group for the year were satisfactory; with the income from property development, warehousing and distribution, quay management services and sports management generating a healthy profit margin.”
“During the year the group has continued its property development activity and will fund further acquisitions using the income from development disposals and the principal activities.”
“Due to the strong pipeline of property developments, the contracts in place for the quay management services and the terms and duration of the lease agreements, the directors are confident that the results of the group and company will continue to be satisfactory.”
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