North East offshore engineering business achieves unprecedented growth
North East engineering company, Osbit, has just announced its most successful financial year to date, delivering 55% growth in sales, 44% growth in profit and 30% growth in employees.
In the past twelve months, Osbit has supported major offshore wind and oil & gas projects across four continents, for customers in Australia, the Far East, USA and Europe. During this time, the size of individual projects taken on has increased by 400%, while its year end order book has grown by 850%.
To support its ambitious growth, Osbit has also invested £1.7m from existing cash reserves to acquire its headquarters in Riding Mill, Northumberland and has completed an extension to house a further 70 employees. The company also continues to operate its assembly facility within Port of Blyth.
Tony Trapp MBE, Executive Chairman, Founder and majority shareholder of Osbit, said: “I am immensely proud of the success we’ve achieved as a business over the past year, which offers a remarkable contrast to the often-challenging conditions of the markets we operate in. Our ability to buck the current industry trends is the result of our passion and determination to change the world in what we do, which is enabled by the talent and hard work of our fantastic team.
We are very proud to consistently create sound engineering solutions to support our customers in delivering a range of offshore services, by blending the experience of our directors and experienced engineers with the enthusiasm of the talented graduates who join our business each year. We are also committed to supporting our region’s economy and providing opportunities for our local supply chain”.
Following its successful year, Osbit has made bonus payments to its workforce, which also benefits from a company-wide share option scheme amounting to 20% of the value of the business.