Newspaper article The Journal (Newcastle, England)

'Pleasing Results' for Shipping Engineers

Newspaper article The Journal (Newcastle, England)

'Pleasing Results' for Shipping Engineers

Article excerpt

Byline: RESULTS ROBERT GIBSON robert.gibson@ncjmedia.co.uk

SHIP repair and marine engineering business, A&P Group Limited, has reported "highly pleasing" results that came despite tough trading conditions.

The company, which has facilities in the North East and the South West, turned over PS111.3m during the year ending March 31.

An annual report for the period showed this compared to PS124.3m in the 15 months ended March 31, 2013, representing an 11% pro-rata year-on-year increase.

Profit before tax amounted to PS10.4m, up from PS7.4m, while the net asset position at the year end was PS16.3m, compared to PS10.2m in 2013.

A directors' report said: "These results are regarded as highly pleasing, given that the expectations at the beginning of the year were for a difficult economic climate to effect profitability, a tight market in the core ship repair business and little activity in the offshore sector.

"These factors placed greater emphasis on the need to concentrate on the core larger ticket ship repair and conversion activities and secure significant fabrication contracts, whilst improving performance in respect of previously acquired long-term work."

During the year, the group continued work on a second UK aircraft carrier project, which represented a significant portion of the turnover for the North East, where the core business of ship repair and maintenance remain subdued.

Defence sector projects likewise made a significant contribution to the results. However, due to the Royal Fleet Auxiliary's (RFA) disposal of Largs Bay in 2011, the company lost a major RFA refit planned for the current year.

As a result, it says, it will experience a challenging trading period through to April 2015, when the next RFA refit is due.

Throughout the first half of the year, the Falmouth, Tyne and Tees dry docks saw encouraging occupancy levels, with Falmouth in particular being underpinned by work for the MOD. …

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