Growth in a transitional market

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2013 financial highlights

Turnover and sales volumes continued to increase in the financial year ended April 2013.

Group turnover rose to £14.6billion, up from £11.9 billion in 2011-12, reflecting growth in sales volume rather than higher oil prices. Sales volumes totalled 13.5 billion litres, up 24% from the previous year. This translated to just over 30% share of the road fuels market at year end.

Operating profits were £21.9m* compared with £40.1m in the previous financial year, whilst EBITDA was £30.2m* compared to £47.2m last year. Profits in 2011-12 financial year had been boosted by some substantial one-off gains.

In order to support our growing business, we have continued a programme of significant investment. Overall capex and investment totalled £82 million in the 2012-13 financial 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.

 

*before exceptionals

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