Revenue Up 8% At Topaz In FY 2012/13
Published on Feb 25 2014 7:13 AM in Retail
Topaz Energy Group has announced total revenues for the year of €3.17 billion to end 31 March 2013, according to accounts just filed.
The forecourt and convenience operator's revenue was up 8% on the previous year (2012: €2.95 billion), while its EBITDA was up 43% to €27.3 million.
Group operating profit (after exceptional items) was €296k, up from a loss of €757k a year earlier. Net debt was down 9.7% to €175.9 million, from €194.8 million a year earlier.
Commenting on the Group's performance, John Williamson, chief executive officer said “the year to end March 2013 saw a strong return to growth as the company benefitted from higher fuel volumes across all three of its Divisions, new income initiatives, growth in convenience retailing, an investment in the forecourt network and tight control on costs.”
The period covered does not include the recent purchase of IBRC loans relating to Topaz by businessman Denis O'Brien, which was concluded in December of last year.
Williamson added that the move "allows us to restructure our balance sheet through a fresh issue of new share capital, together with a significantly reduced level of debt. This restructuring will radically transform our balance sheet and ensure the Group is very well positioned to capitalise on future growth opportunities.”
© 2014 - Checkout Magazine by Stephen Wynne-Jones