Energy firm LCC Group grows turnover to over £850m
LEADING coal and oil distributor LCC Group has announced a significant growth in turnover of 46 per cent to over £850 million.
The Co Tyrone business, formerly Lissan Coal Company saw its revenues swell in 2017 by £268m from £548.7m to £852.8m in another strong year of trading.
In the group's accounts, published this week on Companies House staff numbers also increased from 233 to 246, bringing the company wage bill up from £6.5m to £7.4m. Profit before tax fell marginally from £20.8 to £19.9m in the year ending September 30.
The Cookstown-based LCC Group is principally involved in the wholesaling and retailing of coal and oil, but through its subsidiary LCC Power it is also works in the supply of electricity and gas.
During the year LCC Group purchased Cloghan Point oil terminal from AES Power in a multi-million pound deal. At the time (March 2017) the company announced plans to invest £15m to enhance the facility, located on the shores of Belfast Lough near Carrickfergus, after which it will be the only commercial terminal in Ireland able to facilitate the docking of 120,000 tonne tankers.
In the strategic report accompanying the accounts, director Michael Loughran reflected on another successful year for the Co Tyrone company.
"During the year the group maintained its position as a leading importer and distributor within the coal and oil market in the UK, Ireland and Europe.
"The group increased its share of the non-domestic electricity supply market on the island of Ireland, attracting many new customers during the year. the group also successfully increased its presence in the non-domestic gas supply market in Northern Ireland."
Looking ahead the Group "continues to seek out new opportunities at home and abroad as they arise".
The family-owned company was established in 1980 and was initially set up to provide domestic coal to homes in Northern Ireland.
The Group now supplies coal, oil, electricity, natural gas and logistical freight services to homes across the UK and industry all over the world.
LCC, which owns the Go chain of petrol stations, is the fastest growing electricity and natural gas supplier in Ireland and is one of Europe's largest coal importers and processors.