Dundee firm GA Engineering has posted a pre-tax loss of more than £1 million.
The latest annual accounts for the company for the year ending March 31 2023 show a pre-tax loss of £1.05m to March 31 2023.
A turnover of almost £2.7m was reported in that time frame, an increase of around 13% on the previous financial year.
The year before, the firm made a pre-tax loss of £436,000.
GA Engineering was bought by Aberdeen oil giant Three60 Energy in November last year.
Risks and uncertainties
In its annual accounts, signed on behalf of the board by director Tyler Buchan, the company notes the continued volatility in the oil and gas market leaves them exposed to a high degree of risk.
Mr Buchan said: “Although the company spreads its market risk across various sectors, there continues to be a high exposure to the oil and gas market, particularly in the North Sea.”
Given the company’s main customers are in the oil and gas industry, the main credit risks faced by GA relate directly to oil prices.
Following the 2023 acquisition, which saw the firm become part of a 1,000-stong, £200m group, the directors note the parent company will “provide adequate operational, strategic, and financial support” to enable GA to meet its financial commitments.
Precision engineering
The company operates from Tom Johnston Road, and was part of the Pryme Group, which was acquired by Three60 Energy.
Pryme Group’s chief executive Kerrie Murray was named the chief financial officer of Three60 following the purchase.
GA manufactures high-precision machined components ranging from 0.38mm to 80cm in diameter.
Its Sliding Head division specialises in the mass production of electronic wiring interconnector systems for aerospace and space applications.
It produces complex components with tolerances of 0.005mm and quality checks using state-of-the-art optical measuring equipment.
GA became a notable fixture in the city’s footballing history, lending its name to Gussie Park through a sponsorship deal with Dundee United.
This came to an end in 2019 after the club re-purchased the GA Engineering Arena.
It has now been named Foundation Park, and plays home to the club’s women’s team.
