Tyneside subsea company Specialist Machine Developments says its markets are bouncing back after the pandemic impacted its financial performance for a second year running.
The Wallsend based business, which is recognised as a world leader in the design and manufacture of subsea vehicle systems, has published accounts showing a 39% drop in revenues in 2021, from £40.3m to £24.4m, as a difficult trading environment triggered by the Covid-19 crisis impacted its markets.
The operating loss widened from £159,219 to £8.4m, while the overall loss for the year grew from £3.4m to £11.6m, although its costs of sales were reduced, resulting in an increase in gross margin profit of 4%. Employee numbers fell from 247 to 200, after a review led to the firm reducing staffing levels throughout the year, and directors said the results “are significantly below the original 2021 budget and objectives”.
