VALLOUREC OIL & GAS UK LTD.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. VALLOUREC OIL & GAS UK LTD. 2013-10-01 → present
2. VALLOUREC MANNESMANN OIL & GAS UK LTD. 2000-03-01 → 2013-10-01
3. TUBULAR INDUSTRIES SCOTLAND LIMITED 1993-12-16 → 2000-03-01
4. AGROLEX LIMITED 1993-11-08 → 1993-12-16

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP, Statutory Auditor

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Management and the directors have assessed the company's ability to be able to continue as a going concern and it is in their opinion that the ultimate controlling party will continue to support the company. Considering this, the going concern basis of preparation of the financial statements is deemed appropriate.”

Group structure

1. VALLOUREC OIL & GAS UK LTD. · parent
   1. Kerloch Oil Tools Limited 100%

Significant events

• “The activity in terms of revenue has seen a 10% reduction against 2023 (£67.6M vs £75.1M) driven by a reduction in product demands with North Sea operators delaying capex spend and new well exploration throughout the year.”
• “Gross margin decreased against prior year (£4.1M vs £6.2M) driven by impact of the organisational changes made in 2023 with the closure of our Bellshill facility and further changes in 2024 with the closure of our Bridge of Don services to align with the new company model of outsourced servicing.”
• “The sale of the Bellshill facility was complete in 2024 and additional sale of warehouse assets from our Bridge of Don site further improved bottom line results for the year as one off exceptional items in 2024.”
• “In May 2025, the company completed the closure of its Bridge of Don machine shop and service centre and relocated to new offices at Brimmond House, Prime Four Business Park, operating a sales office and offshore services model supported by its key Tubular Management supply chain.”
• “The restructuring provision relates to the cessation of activity and closure of the both the Bellshill and Bridge of Don sites.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -9.9%

  £75,104,000 → £67,634,000

• Cash

  +1.2%

  £918,000 → £929,000

• Net assets

  +38.3%

  £6,933,000 → £9,589,000

• Employees

  -17.6%

  108 → 89

• Operating profit

  -63.5%

  £1,855,000 → £677,000

• Profit before tax

  +275.5%

  £1,019,000 → £3,826,000

• Wages

  -5%

  £5,970,000 → £5,670,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers