ITS Group has reported a noticeable profit improvement in its annual report for the year ended December 31, 2011, in line with improving market conditions.

The company, which has its headquarters in Aberdeen, provides drilling equipment and services through a network of 29 facilities across 18 countries and has a strong international footprint.

Turnover increased by 22% to $163.1 million as the Group saw the benefit of continued investment in its fleet and facilities. The rise in turnover also resulted in earnings before interest, taxation, depreciation and amortisation (EBITDA) increasing to $43 million (£26.8 million) - up from $33.5 million (£20.9 million) in 2010.

Following two years of challenging market conditions, improving activity levels have helped to stabilise operations and create an improved business environment, said chief financial officer Scott Milne.

Tags: ITS Group