3sun Group has invested more than GBP 1.4 million in staff training to fulfil existing contracts and in anticipation of a record work pipeline for 2018. 3sun Group said its business shifted from 50% oil & gas and 50% renewables in 2015 to about 85% renewables and 15% oil & gas in 2017.
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.
Chief Financial Officer Sam Copeman said: “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.”
This investment in training of staff came in a year when 3sun Group delivered a profit of GBP 455,000 and increased net assets to GBP 5.4 million.
“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,” Copeman said. “The strengthened balance sheet of the business, with net assets increasing to £5.4m, further underlines the secure financial position of the business.”
The company marked the beginning of this year by launching a recruiting campaign for more than 100 new technicians to service GBP 6 million worth of new and extended offshore and onshore wind farm contracts.