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Topaz profits surge 43pc to E27m in 13

Friday, February 21 16:54:44

Fuel and convenience retail chain, Topaz Energy Group, today posted core profits (as measured by EBITDA) that rose by 43pc to E27.3m.

It posted total revenues for the year of E3.173 billion - up 8pc on the prior year and operating profits of E296,000 compared to an operating loss of E757,000 in 2012.

Net debt fell by E18.9m during the year and on 1 October 2013, the Group successfully renegotiated an extension of its working capital facilities with IBRC to 10 October 2014.

Speaking today, 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 3 of its Divisions, new income initiatives, growth in convenience retailing, an investment in the forecourt network and tight control on costs."

"In December 2013 agreement had been reached on the sale of the Group's loans from IBRC (in liquidation) which 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," he added.