North East engineering
company, Osbit, has just announced its most successful financial year to date,
delivering 55% growth in sales, 44% growth in profit and 30% growth in
employees.
In the past twelve months,
Osbit has supported major offshore wind and oil & gas projects across four
continents, for customers in Australia, the Far East, USA and Europe. During
this time, the size of individual projects taken on has increased by 400%,
while its year end order book has grown by 850%.
To support its ambitious
growth, Osbit has also invested £1.7m from existing cash reserves to acquire
its headquarters in Riding Mill, Northumberland and has completed an extension
to house a further 70 employees. The company also continues to operate its
assembly facility within Port of Blyth.
Tony Trapp MBE, Executive
Chairman, Founder and majority shareholder of Osbit, said: “I am immensely
proud of the success we’ve achieved as a business over the past year, which
offers a remarkable contrast to the often-challenging conditions of the markets
we operate in. Our ability to buck the current industry trends is the result of
our passion and determination to change the world in what we do, which is
enabled by the talent and hard work of our fantastic team.
We are very proud to
consistently create sound engineering solutions to support our customers in
delivering a range of offshore services, by blending the experience of our
directors and experienced engineers with the enthusiasm of the talented
graduates who join our business each year. We are also committed to supporting
our region’s economy and providing opportunities for our local supply chain”.
Following its successful
year, Osbit has made bonus payments to its workforce, which also benefits from
a company-wide share option scheme amounting to 20% of the value of the
business.