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Profits Up By A Third At Maxol Parent Company

Published on Nov 18 2014 7:36 AM in Retail

Profits Up By A Third At Maxol Parent Company

McMullan Bros, the parent company that operates the Maxol fuels brand, saw its group operating profit rise 32 per cent to €6.34 million last year, according to account just filed.

The group posted a turnover of €659.8 million in the year to 31 December 2013, down slightly on 2012's total (€669.5 million).

In their report, the company directors said that Maxol's business model is 'now strongly focused on developing the convenience retailing aspect of its operations'.

They added that the group is currently in a 'strong financial position', with net cash at the end of the year of almost €8 million. Greater demand for 'convenience offerings' during the 'spell of very warm weather last summer' also helped lift the brand's sales.

'Maxol's intense focus on developing high quality service stations that are designed to be convenience destinations for local communities and not just for motorists, has been exceptionally well received in the marketplace,' they added.

The directors also cited the growing practice of fuel laundering as presenting a 'significant risk' to the group's profitability.

© 2014 - Checkout Magazine by Stephen Wynne-Jones

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