Oil rig mooring specialist Viking SeaTech has reported pre-tax profits of £24.16 million for the eight months to August 31, 2013, largely on gains made in the sale of an Australian subsidiary.

The Aberdeen-based company, reporting its first results following its acquisition as part of the Venice Topco group which was sold to a subsidiary of US-based Actuant Corporation in August 2013 in a deal worth £150 million.

Reporting results for the eight month period to August 31, 2013, the company said gross margins rose 9.4 per cent to 53.1 per cent, though operating margins, excluding profit on the disposal of the Australian subsidiary, dipped to 7.9 per cent for the eight months compared with 16.2 per cent for the 12-month 2012 year.

The company has booked a pre-tax profit of £23.38 million from the sale of Viking SeaTech (Australia) Ltd to another Actuant Corporation group subsidiary, which formed part of a wider group restructuring.

As a result of the sale, pre-tax profits for the eight months were £24.16 million, up from £3.06 million for the 12-month 2012 year.

Stripping out the gains from the subsidiary sale, Viking SeaTech reports gross profits for the eight months were £6.01 million while administrative expenses totalled £5.26 million on turnover of £11.32 million.

The company had reported sales of £18.95 million for the 12-month 2012 year and gross profits of £8.28 million.

Aberdeen-based Viking SeaTech employed 50 staff as of the year to August 2013.

Viking SeaTech was launched in 1985 as part of Aberdeen-based 
Balmoral Group, and HSBC bought over the group from Inflexion Private Equity in 2009 in what was believed to be £180 million deal.