Inverness-based Global Energy Group (gegroup.com) has reported a decline in sales and profits in its latest full-year results but said that its performance remains “resilient”, given market difficulties and its restructuring programme.

Group chairman Roy MacGregor said: “Like many companies in north and east Scotland, we are affected by spending decisions linked to the oil price. We were able to successfully downsize the business during the year and achieved a profit despite restructuring costs.

“Cash generated during the period was allocated to the further geographic and market diversification of the group. This included growth in the Australian liquified natural gas market, the Middle East marine sector, the UK chemical sector and the UK renewable-energy markets.”

Mr MacGregor, who is also chairman of Ross County Football Club, added that the energy business has “mixed feelings about the immediate future, expecting capital expenditure-linked business in the UK oil and gas market to pose challenges.”

The company, which has more than 3,000 staff globally, said that its turnover fell to £292 million in the year to March (from £376 million in the previous 12 months), due to a “robust diversification policy that covers non-oil and gas infra-structure”.