2012 financial highlights
During our financial year ended April 2012, we achieved our best ever financial results in respect of both turnover and profits.
Total sales volumes increased by 10.4% to 10.9 billion litres, while the UK market as a whole contracted by 1.5%. This translated into an increased market share of more than 23% by year end.
Group turnover increased by 22% to £11.9bn for the current year as a result of sales growth and rising oil prices.
Operating profits increased from £17.8m in the prior year to £40.1m in the current year. EBITDA also increased from £24.0m to £47.2m. The earnings were driven by a significant increase of 21.1% in gross margin per cubic metre of sales, when compared to the prior year.
Our market – changes in the UK downstream oil sector
The UK downstream oil sector is currently undergoing a period of fragmentation, with many of the major oil companies disposing of their UK refining, storage, distribution or marketing infrastructure. This fragmentation is fundamentally changing the way that fuel is supplied to petrol stations
Historically oil companies have been vertically integrated in the UK, refining their own fuel and supplying that fuel to their petrol stations. With the sale of refineries to new entrants without established forecourt brands, such vertical integration is becoming increasingly rare. This is putting pressure on all parties to achieve efficiencies.
Greenergy is well positioned to deliver such efficiencies by managing the provision of infrastructure and logistics between refiner and retailer.