February 18 - Marine and offshore equipment supplier TTS Group posted a turnover of NOK259 million (USD30.2 million) for its multipurpose/general cargo business in 2015, compared with NOK138 million (USD16.1 million) in 2014.

Although TTS Group recorded negative EBITDA of NOK -13 million (USD -1.5 million) for its multipurpose/general cargo segment in 2015, it showed an increase on last year's EBITDA figure of NOK -32 million (USD -3.7 million).

TTS said that costs related to the start up of the 50 percent owned TTS SCM joint venture in China contributed negatively to segment margin in 2015.

However, the company also stated that "the solid order backlog and the improving market for heavy lift cranes give prospects for higher activity and improved profitability going forward".

Overall, the group recorded full-year EBITDA of NOK89 million (USD10.3 million) in 2015, up from just NOK4 million (USD467,000) in 2014.

Although the low oil prices means that the company's offshore business is expected to remain weak, TTS Group ceo Björn Andersson said that the company sees an overall "positive market outlook" in its core business areas.

www.ttsgroup.com

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