Shepherd Offshore boosts profits by £5m and plans further acquisitions

Shepherd Offshore has reported strong growth and said it plans to grow through acquisitions, after boosting its turnover by nearly £5m. The company, which provides logistics and property services to the offshore industry, saw its turnover jump from £22.6m to £27.5m for the year ending April 30, 2018. Operating profit at the company also increased by £29.6% to £9.2m. Profit after tax grew from £5.9m to £7.4m. The company is owned by Bruce Shepherd, who ran the firm with his brother Freddy until he died in September 2017. Freddy Shepherd was well known in the North East for buying Newcastle United 1992, before selling the club to Mike Ashley in 2007, and also played a key role in bringing the proposed ‘Whey Aye’ big wheel vision to Newcastle. With profits increasing at Shepherd Offshore, the company hinted that it would continue to expand through acquisitions. Speaking in the company accounts, Bruce Shepherd said: “In the opinion of the directors, the results of the group for the period were satisfactory; with the income from the property development, warehousing and distribution, quay management services and sports management generating a healthy profit margin. The group’s turnover has increased by 21.7% top £27.51m due… Read full this story

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