Topaz performing well after debt restructuring
18 February 2015
Topaz has published its latest set of accounts which detail the performance of the company in the year ended 31st March 2014. The company has also announced a €20 million investment programme across the network and said it was hopeful that the agreed acquisition of Esso would close before the end of this year.
The accounts show that the company generated EBITDA (earnings before tax, depreciation and amortisation) of €27 million (2013: €27 million) on revenues of more than €2.9bn (2013: €3.3 billion). Operating profits were up 9% to €13.9 million (2012: €12.6m).
The company also reported pre-tax losses of €4.7 million at the end of the period compared to losses of €13.6 million for the equivalent period a year earlier after a restructuring of the group’s borrowings
Emmet O’Neill, who took over as CEO of the company earlier this month, said that the company was performing well in the current year. He announced that the company was rolling out a €20 million investment programme this year which would see a transformation of the company’s retail network across the country and that a further investment programme next year would see the extension of the Topaz and ReStore brands across the Esso network of fuels and convenience stores business. O’Neill said that Topaz was hopeful that the agreed acquisition of Esso would close before the end of this year, subject to regulatory approval.
O’Neill said; “2014 was a transformative year for the Topaz business. We successfully concluded a major restructuring of the Group balance sheet which saw a significant investment by shareholders (€128.5 million) and a corresponding reduction in Group borrowings of over €120 million (which reduced Group debt by approximately 85%). This has freed up the resources we need to make a really substantial investment in the business in Ireland and to ensure that we regain our leadership position in the sector here.”
Staff numbers remained steady at 1,512, up 23 from last year.