A FIFE engineering business that was bailed out by the Scottish Government to the tune of £35 million saw a pre-tax profit of £3.8m turn into a loss of £48.7m in the year to December 2017. The extent of the financial difficulties faced by fabrication business BiFab, which specialises in making large-scale components for the renewable energy sector, have been revealed in its accounts for the year, which have just been filed at Companies House. Despite the company’s turnover rising by 65 per cent, from £61.3m to £101m, during the year, its operations director Martin Adam wrote in the accounts that the business was tipped into loss-making territory “as a result of contractual difficulties with one contract”. It is understood that was the £100m contract BiFab secured to assemble 26 turbines for the Beatrice Offshore Windfarm. While that work had sustained the business until the ea rly part of this year, the accounts reveal that BiFab’s 2017 figures were impacted by the inclusion of an estimated loss of £35.8m over the lifetime of “one particular contract”.
Herald 2nd Oct 2018 read more »