Bond results hit by copter groundings

Transport: Offshore ditching and one-off costs cutmillions of pounds off operator’s profits

Groundings and other oneoff costs costBondOffshore Helicopters more than £ 3.7million in 2013, it emerged yesterday.

TheNorth Sea helicopter operator’s latest annual accounts, released by Companies House, also showed start-up costs took a large bite out of the firm’s balance sheet last year.

Pre-tax profits for the 12 months to December 31 slumped to £642,000, from £2.7million the year before.

However, Aberdeenbased Bond said underlying trading profits grew by more than £2.5million to £11.3million and annual turnover jumped by nearly 20% to £114.53million.

Super Puma flights to and from UK offshore installations were suspended for a spell last year after a CHC helicopter plunged into the sea near Shetland, killing four people.

An over-water flying ban on Super Puma EC225 helicopters was already in place after two ditching incidents in 2012.

The North Sea EC225s only resumed commercial services in August 2013 after a 10-month gap.

In its accounts, Bond said the impact of “EC225 issuesandother non-recurring expenses” cost it £3.714million last year.

Start-up costs shaved a further £6.9million off the balance sheet.

A spokesman for Bond

“This suspension has been lifted and all flights are operating as usual”

yesterday said the company achieved “significant growth” last year.

He added: “The business incurred start-up costs associated with beginning multi-year operations for new contracts and new customers.

“Additionally the temporary suspension of all EC225 flights impacted on the period, as it did for the entire industry.

“This suspension has been lifted and all flights are operating as usual.

“We are growing our business alongside our customers and continue to provide the UK’s oil and gas industry with worldclass mission critical services.”

The company employed 386 people on average last year, up from 355 in 2012.