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Manufacturing

Heavy industry investment plots return to growth for OLG after tough few years

Revenues increase for the first time since 2018/2019 - with 42 per cent drop through pandemic and subsequent economic turmoil

OLG has played a key role in the growth of the Humber Bank industry.(Image: Phillips 66)

Growth is returning to heavy industry, with investment emerging in engineering according to one of the South Humber Bank’s leading businesses.

On Line Group has seen a five per cent increase in revenues in the past year, with turnover up from £23.7 million to £24.9 million for the Immingham firm, having fallen significantly through Covid and the following economic uncertainty. It had dropped 42 per cent, having topped £40 million pre-pandemic.

Read more: Emerging decommissioning bounty eyed for North Sea oil and gas as spending hits recent record

Losses of £2.4 million were reduced to £125,000 in the year to April, with the company having also lost group chief operations officer Brendan Conlan at the end of the period, having served for more than eight years.

Stephen Laird, vice chairman at the second generation firm, told how “industries in which the business operates saw a changing environment and a slow return to investment in engineering activities,” in the period, in his review accompanying the recently filed results.

Steve Laird, vice chair, and Jo Fox, financial director, have presented the latest accounts for On Line Group.

He said: “The group has maintained strong relationships with its clients against challenging market conditions whilst improving on its gross margin by 3.3 per cent. The business has continued to provide high quality services to its blue-chip customer base throughout the year and considers the strength of its existing contacts key to future development and growth.

“The start of growth seen in the latter part of this year is continuing to take hold and provide a much more stable platform for trading and opportunities. In the coming year the group is expected to see further return to customer investment and industry growth to enable the group to draw back into a profitable position.

“The directors consider the net profit in the year to be encouraging as the extensive efficiency and overhead savings exercises in prior years, have brought an improvement to profitability of over £2 million for 2022/2023.”