Fuels distribution business Gleaner Oils has seen its profits almost treble after sales surged by more than a third.
The family-owned firm, based in Elgin, said the jump in earnings came amid a year of “real progress” as it invested in its tanker fleet, IT systems and staffing as part of a five-year growth strategy.
Latest accounts filed with Companies House show operating profits rose to £956,366 during the period from 1 January 2014 to 30 June 2015 – up from £347,168 in 2013. Turnover rose to £173 million, against £125m previously.
Managing director David Todd said: “We operate in a high volume, high cost, low margin market, and as such it is essential our business is as efficient as possible. We also operate to the very highest industry safety standards demanded by our suppliers and our customers. Our investment programme has accordingly targeted efficiency, productivity and safety, and we will continue to focus our future investment in these areas.”
He added: “Our business is growing, and we want to grow into new rural areas where there is a need for fuel and oil, and to help those local economies by employing local people. Contributing to local economies and the well-being of their communities was at the heart of the values of the business founded in 1954, and these values still drive the business today.”
Founded in 1954 by Robin Young, Gleaner Oils was bought outright by his granddaughter, Jane Scott, and her husband Stephen in July 2014.
The company owns ten fuel supply and retail sites, stretching from Mull to Aberdeen, and supplies about 16,000 regular business customers with a range of products across the agricultural, domestic, industrial and marine sectors.
Scott said: “We are pleased with the progress made since we took ownership and the direction in which the company is now heading. We receive a lot of support from our suppliers and particularly value the hard work and loyalty of our staff.”