Maxol parent company McMullan Bros Limited has posted an 18.8% increase in after-tax profits for the year to end 31 December 2012, according to accounts just filed.
The family-owned business saw its profits rise to €2.87 million, up from €2.42 million a year earlier. Its turnover grew by 1.8% to €670 million, up from €657 million a year earlier.
In their report, the directors said that "conditions remained challenging" in 2012, with the "wholesale market for fuels continuing to be extremely price competitive in both the Republic of Ireland and Northern Ireland. Crude oil and finished petroleum product prices moved upwards, while at the same time, demand continued to fall as a result of the difficult economic conditions in both markets."
The company accelerated its capital expenditure programme in 2012, spending €17.8 million on expanding and modernising its portfolio. This included the acquisition of five new service stations (two in Cork and one apiece in Dublin, Galway and Down), the opening of four service stations, the rollout of the company's brand new strategy and the addition of eight new independent dealers to its brand.
"Despite the ongoing uncertainties," the directors added, "there is not a corner of the island that will not benefit from the new Maxol investment strategy, which has its vibrant new corporate identity at the heart of it."
The results also show that Maxol cut its workforce to 78 last year, from 120 the year before, with the net result of reducing its staff costs to €7.59 million, from €9.125 million a year earlier.
© 2013 - Checkout Magazine by Stephen Wynne-Jones