Bosses point to 'turning point' in firm's fortunes

RESTRUCTURING efforts at offshore engineering specialist Royal IHC have paid off, bosses point to in the firm's latest set of accounts.

- TOM KEIGHLEY Business writer [e-mail]

Following a raft of cost-saving measures including downsizing its workforce the maker and renter of offshore energy equipment, such as pipe and cable-laying systems and trenching kit, pointed to a "turning point" in its fortunes.

Newly published 2024 numbers show the Newcastle-based business broke even on a pretax profit basis, compared with losses of £5.3m the year before. That came despite a fall in turnover from £39m to £20.8m and a slide just back into operating losses, this time of about £79,000 compared with an operating profit of £279,000 the year before and operating losses as wide as more than £42m going back five years.