Oil price slump impacts on bottom line for Beragh fuels firm
THE family-owned TW Scott Fuels business in Co Tyrone was hit hard by last year's slump in base oil prices, which impacted on its trading performance in 2016, according to figures filed at Companies House.
The Beragh company, established by Thomas Scott in 1954, operates in the wholesale and retail distribution of domestic, agricultural and commercial fuels oils and lubricants.
Its accounts in the year to December 31 last reveal that turnover decreased by 13.8 per cent from £53.3 million to £46.2 million due, says Scotts Fuels, to the decrease in base oil prices.
But the gross margin achieved actually rose to 3.56 per cent from 3.26 per cent in 2015, the directors' strategic report said.
The company reported a loss after tax of £187,496 - a significant swing from a profit of £101,044 the previous year.
But the directors, who still include the founder, say they consider that the year-end financial position was "satisfactory" and that the company is "well placed to develop its activities in the foreseeable future".
In the course of the year Scott Fuels saw its workforce increase from 32 sstaff to 41 (made up of 15 in sales/administration and 26 in distribution).
That in turn pushed up the company's wages bill from £920,407 to £1,092,237.
But overall payments to the three directors - Thomas Scott (73), his wife Sheelagh and their son William (34) - came down slightly to a combined £134,424.
On its website, Scott Fuels says it has a reputation as an honest, ethical and trustworthy company, adding: "We now have a third generation of the family in management and have a long-standing presence in the oil industry, being well known for our quality of both products and services."
It delivers domestic and small volume fuel deliveries throughout Tyrone and Fermanagh (and also into the Republic, where it had sales of more than £130,000 in 2016), with commercial deliveries of up to 35,000 litres operating throughout Northern Ireland.