Newspaper article The Journal (Newcastle, England)

A&P Group's Results 'Highly Pleasing' after Turbulent Year; ENGINEERING

Newspaper article The Journal (Newcastle, England)

A&P Group's Results 'Highly Pleasing' after Turbulent Year; ENGINEERING

Article excerpt

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

SHIP repair and marine engineering company A&P Group Limited has reported increased profits despite facing a challenging year that was followed by a third of the North East workforce being made redundant.

In a report accompanying results for the 12 months ended March 31 2015, directors said the business had continued to raise its profile in both its traditional markets and new sectors such as renewables, oil and gas. While turnover dropped by 18% to PS91m during the period, profit before tax rose from PS10.5m to PS11.4m and net assets grew by PS2m to PS18.5m.

The 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 affect 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 longterm work."

A&P Group Ltd is a leading ship repair and conversion business with three UK bases, including those on the Tyne and Tees.

It also has a port operation in Falmouth and an In Service Report Contract with the Royal Australian Navy serviced by the group's office in Sydney.

During the year, the company completed work on a second UK aircraft carrier project on time and within budget, representing a significant portion of turnover from the North East operation.

A&P also worked on building sections of Astute Class submarines and expects further contracts in this area to come its way during 2016.

Defence sector contracts likewise made an important contribution to the results and the company completed a number of projects within oil and gas. …

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