Low oil prices cited in job cuts

A north-east engineering firm said yesterday it was launching a consultation on potential job cuts.

Peterhead- based Score (Europe) anticipates the loss of around 60 posts from its UK facilities, with most of the redundancies in Scotland.

Managing director Conrad Ritchie said: “Despite internal restructuring, successful business diversification, contract wins and efficiency drives over the past 18-month period, a larger redundancy programme has regretfully become unavoidable.

“This is primarily due to the continued low oil

“Majority of redundancies are likely to be in Scotland”

price and industry downturn, which has had a major impact on the sectors in which we operate.

“The workforce were advised last week of the potential redundancies.

“This will affect personnel UK-wide.

“However, the majority of redundancies are likely to be in Scotland.”

Accounts from CompaniesHouse earlier this year revealed an 82% drop in profits at Score Group, which was formed in 1982 to provide valve-repair and recertification services.

The company turned over £174million in the year ended October 1, 2015, a 2.6% decrease year-on-year, while pretax profits plummeted by £4.7million to £1million.