Oil and gas catering firm Entier saw its pre-tax profits more than halved in its full-year accounts for 2018.
The firm, based in Westhill, Aberdeenshire, posted pre-tax earnings of £571,645, down from £1.2million in 2017.
It comes amid a drop in turnover and operating profit during the period, ending Sept 30, 2018, and the establishment of new ventures including Entier Technical Services (ETS) and Entier Saudi Arabia.
Group turnover increased by seven percent to £52.6m through growth from the Remote Sites Global (RTS) business, its Wilde Thyme private events catering subsidiary and the start of ETS, which caters and provides refrigeration maintenance onshore.
Despite the boost in turnover, Entier said gross profit fell from £4.6m to £4.1m, reflecting “increasingly competitive market conditions”.
Going forward,CEO Peter Bruce said the firm will continue to expand in the Middle East through its Saudi Arabian venture.
Meanwhile several new opportunities are under development for FRESH – its delivered catering business for onshore oil and gas firms, as well as education, nurseries and events.
Growth is also expected from its Wild Thyme business.
Entier has operations in the UK, USA, Australia, Canada, Trinidad and Tobago and Saudi Arabia.
According to the accounts, the firm had 556 average monthly employees in 2018.