The Press and Journal (Inverness, Highlands, and Islands)
Sales of new fishing boats boost shipbuilders business
Results: Turnover up but profits flat at north-east town’s biggest firm
A north-east shipbuilder enjoyed a 10% increase in turnover as new boat sales for the fishing industry rose in its most recent financial year.
Macduff Shipyards, thought to be the town’s largest private sector employer, enjoyed healthy sales of boats to firms such as salmon producer Scottish Sea Farms (SSF) and Adam Tait and Sons. Turnover rose to £22.3million in the year ended 29 February 2016, while pretax profits of £1.8million were flat on the prior year.
The firm, which has sites
“The company won funding of £167,000 for a new boat launch ramp”
in Fraserburgh and Buckie, saw its average number of employees rise to 179 from 158 in the year to meet demand.
Sales of new boats rose more than 50% to £8.2million, while its repair business brought in £10.3million – up around £100,000 on the prior year. Its crane hire business, which expanded its fleet from six to nine cranes last year, saw sales remain flat at the £1.36million mark.
The company won funding of £167,000 for a new boat launch ramp at Macduff inthe year. Themoney, part of the 2012-2015 Aberdeenshire European Fisheries Fund ( AEFF) scheme, awarded more than £650,000 in grants aimed at “revitalised” fisheries areas.
Financed by the European Commission, the programme was administered locally by the Aberdeenshire Fisheries Local Action Group (Flag) partnership, in which Aberdeenshire Council is the lead partner.
John Watt, the company’s managing director, leads a team of director shareholders that includes Roderick MacLeod and Clifford Ritchie.
The highest-paid director at the group enjoyed a pay boost worth more than £50,000 in the year. This included a salary of £150,610 and a pension contribution of £30,040 in 2016, compared to a wage of £125,540 and a pension bonus of £5,040 in 2015.
The group also comprises Macduff Profilers and Macduff Precision Engineering. Macduff Profilers cut CNC profiled carbon steel, stainless steel and aluminium, while the precision engineering division provides a range of machining, weldingandfabrication capability. disinfectant produced by the company had killed 96 people in South Korea and caused illness for a further 400.
It said third quarter like-for-like revenues in developing markets rose 7% to £788million, but were pegged back by a sales drop in South Korea afterconsumersboycotted its products.
Revenues in its European and US divisions were flat at £1.7billion over the period after the firm’s new Scholl Wet & Dry gadget – which removes hard skin from feet – performed poorly.
CEO Rakesh Kapoor said the firm is targeting full year like- for- like growth of 4% after previously forecasting the “lower end” of 4-5%.
“In an environment where market growth rates have softened, we continue to make good strategic progress in all of our power markets, particularly in India, and in China.”