Osbit Workforce Gets Bonus Payments as Profit Grows 59%

Osbit has reported a 59% increase in its overall profit for the fiscal year ending 30 September, amounting to GBP 1.3 million, which enabled the company to make bonus payments to its 60-strong workforce.

Image source: Osbit

The Northumberland-based company’s turnover grew by 55% on the previous year with sales of GBP 15.3 million. In international sales, Osbit saw an increase of 65%, accounting for 66% of the company’s total turnover, and the UK sales growing by 38%.

Throughout the year, Osbit has also been employing new staff, and its workforce has also grown by 46%, with the 60 people working at its head office in Riding Mill and production facility at the Port of Blyth.

During the period, Osbit delivered a wide range of contracts to 18 clients, including those in the offshore wind industry. Here, the company is growing its business in delivering its ‘walk-to-work’ crew transfer access systems, as well as other specialist engineering solutions such as the hybrid monopile cleaning tool Osbit delivered to Van Oord for the Walney 3 & 4 offshore wind farms this summer.