Offshore firm IHC hopes for return to profit
Aug 31 2010 by Karen Dent, The Journal
OFFSHORE engineering specialist IHC Engineering Business (EB) is “absolutely” confident of being back in profit this year after investment in new technology and the opening of a new site pushed it into the red.
Figures just published by the Northumberland-based business show it made a pre-tax loss of £2.8m in the 12 months to September 30 last year, compared with a £2m profit in 2008. However, turnover was up at £24.2m from £22.3m a year earlier.
The company, which is based in Riding Mill and has 170 staff, said the collapse of the oil price at the end of 2008 meant many deep water oil projects were put on hold.
The business also transferred its workshop from Hadrian Yard in Wallsend to a 7,500sq m warehouse at the Port of Tyne and opened a second unit at Stocksfield Hall.
EB founder and chairman Tony Trapp said: “We reported a loss, we are part of a group and how we report our figures depends on our Dutch parent company.
