Barnstaple and Aberdeen based J+S Limited has reported record results for the year ended 30 September 2011. Sales were up 27.7% on the prior year to just under £13.3m and operating profit increased by a massive 41% to just under £1.5m. Both the sales and the operating profit hit record levels.
Commenting on the results, Managing Director, David Jeffries said: -“ This was an outstanding performance by the team at J+S.
Our sales increase reflects a strong performance by our Oil & Gas business coupled with a great export performance by the Defence business. Our Oil & Gas sales increased by 70.9% to £2.8m, whilst our Defence business turnover increased by £2.2m to £10.2m, including an increase in export sales from just £400k to over £1.6m.
We have improved our operating profit margins from 10.2% of sales in 2010 to 11.3% in the year and this margin improvement combined with the increased sales volume has resulted in operating profits growing from £1,060k last year to £1,495k.
Furthermore, we remain debt free as we were last year despite substantially increasing our investments in new products and services for all of our markets.
Whilst our third business area Marine Renewable Energy had a difficult trading year we have seen a strong increase in demand for our market leading sub-sea high voltage electrical and optical connection systems and engineering support in this market in the last three months.
Looking ahead to 2012, trading conditions are bound to remain extremely demanding but I am confident the team at J+S will rise to whatever challenges we encounter”
J+S Ltd operates from sites in Barnstaple and Aberdeen, employing 135 people engaged on a range of engineering and production activities, primarily in naval support, marine renewable energy and subsea asset management for the North Sea Oil and Gas exploration markets.
[mappress] Subsea World News Staff , December 05, 2011; Image: J+S