Leading energy company 3sun Group has invested more than £1.4m in staff training to fulfill existing contracts and in anticipation of a record work pipeline for 2018.
This significant investment came in a year when 3sun Group – a specialist provider of products and services to the global energy industry – delivered a profit of £455k and increased net assets to £5.4m.
Chief Financial Officer Sam Copeman said: “The £455k profit we made in the year to 31 March 2017 is impacted by the £1.4m investment in training but, whilst this reduced profits, it is a very important investment in the future of the business so that we can continue to deliver for our customers.
“The strengthened balance sheet of the business, with net assets increasing to £5.4m, further underlines the secure financial position of the business.”
The previous year had been a tough year with the oil & gas downturn hitting hard, coupled with the renewables industry looking to cut supply chain costs to bring its overall costs down, he said.
But, despite these challenges, 3sun Group has seen its business shift from 50% oil & gas and 50% renewables in 2015 to about 85% renewables and 15% oil & gas in 2017.
“This evolution is a great achievement and whilst this has been a challenging period, it has been successfully navigated thanks to the hard work and commitment of the entire workforce.”
A total of five per cent of offshore wind jobs in the UK are provided by 3sun Group – and 40% of its workforce across the UK and northern Europe are based in Norfolk.
In addition, 24 apprentices have trained with the company with 10 currently in training, including four from 3sun’s pre-apprenticeship programme and six business administration apprentices.
“This shift in our business is not to say our oil & gas business is not important; it absolutely is. Whilst it has been impacted by the downturn in the oil prices, like every other business in the oil & gas industry, its work pipeline is improving week-by-week, which, alongside a record renewables pipeline that is also expected to grow further, is great news and underlines our market leading position,” Mr Copeman said.