Ireland: Topaz Records Loss But Positive on 2010
|
|
|
|
Friday, 19 February 2010 |
|
For the year to March 31, 2009, Topaz reported a pre-tax loss of €19.1m
compared with a profit of €2.6m in the pervious year. However Topaz
said the financial year 2009/10 will show further growth in this sector
despite the recession.
In the year the company employed 1,385 compared with 1,293 in the
previous year. Staff costs were €44.8m in the year compared with €38.6m
in the previous year. The "very sudden and also unprecedented"
collapse in the value of oil in August 2008 resulted in a one-off stock
loss of around €17m.
The company said that as there was uncertainty as to the impact of the
recession in 2009 so it restructured its bank financing. This, it
said, allowed it to lengthen its term debt obligations and
"conservatively term a tranche of our working capital lines to give us
maximum flexibility".
Chief executive Eddie O’Brien said looking at the market in early
2010it clearly remains challenging in terms of the impact of lower
economic activity. He added that the changes the company has made to
the business model will ensure a return to "more normalised financial
performance".
The company said that rolling out the Topaz brand during 2008 and
additional activities, for example managing the additional 35 company
operated forecourts, resulted in additional operating costs of €14m
compared to the previous year. The company said the year to the end of
March 2009 was a "very exciting year" within its service station and
convenience business area, with the launch and rollout of the Topaz
brand to 290 service stations in Ireland.
"The response to the brand continues to exceed expectations. Our
challenge now is to utilise the brand spend and goodwill generated, to
drive more activity from our assets and add to the bottom line," the
company said.
PetrolWorld 180210
|
