LHD profits boost

LOCAL fishing boat agent LHD is looking ahead with confidence after the firm’s profits soared to almost £2 million in 2013/14.

Managing director Ritchie Simpson said earning opportunities for fishing boats have stabilised with plenty of fish in the sea.

The Lerwick-based firm manages around 65 whitefish and pelagic boats, mainly in Shetland but also in Orkney.

After years of uncertainty the Shetland whitefish fleet has now grown to 25 vessels with a brand new Guardian Angell joining the fleet in July this year.

Net profits on a turnover of £26 million were up 48 per cent to £1.85 million in the year to the end of September 2014.

This represents a second year of significant growth in profitability after the previous year’s results showed a similar rise from £750,000 to £1.26 million.

“All sectors of the marine industries in which the group is involved have stabilized over the past few years which has led to improved earnings and profits of the vessels which form our customer base,” Simpson said.

“This has in turn resulted in increased sales in all sectors of the group over recent years, a trend which appears to be ongoing.”