Newly merged LCC Group operation announces 80 per cent rise in operating profit
CO Tyrone family run fuel giant LCC declared an 80 per cent rise in operating profit last year, according to new financial documents filed with Companies House.
Despite reporting a two per cent fall in turnover to £924 million, the Cookstown-based coal and oil distributor saw its operating profit rise from £18.8m to £33.75m for the year ending September 30 2019.
Now in its 40th year, the company owned by Michael and Daniel Loughran, consolidated its position during 2019 as one of Europe’s biggest importer and distributors in the coal and oil market.
It also continued to roll out its ‘Go’ filling station network and expand its presence in the gas and electricity sectors.
The reporting period saw the Co Tyrone family-owned business formally merge its group companies: LCC, Star Fuels and Fuel Preparations (International) under the banner LCC Group Holdings.
The group also incorporated a series of recently established companies, including: LCC Properties and Investments, Riverside Fuels and LCC Trading and Minerals.
The merger saw LCC Group Holdings’ net assets increase from £144m to £219.7m.
Overall the group’s workforce stood at 318 at the end of September 2019, with 176 employed within the LCC Group.
Most of the group’s revenues continue to stem from the original Cookstown-based LCC operation, which accounted for £722.4m of revenue.
The report acknowledges that the LCC Group’s reach now stretches right across the world. It owns one-third of the shares in Singapore-based dry cargo company Centurion Bulk Pte and Monaco-based CB Shipping and Management SARL.
Although the report relates to the group’s performance in the 12 months ending September 2019, it does include an acknowledgement of the recent impact of Covid-19 on the business.
The directors said while the pandemic had created additional uncertainty, they said it is not expected to have a significant immediate impact on the group’s operations.
But they added that this could change if the situation becomes prolonged.
“The directors have put measures in place across the group to address the Covid-19 pandemic by making use of the various support mechanisms instigated by the UK and Irish governments including the Coronavirus Job Retention Scheme.
“The company is also confident that bank support would be available should this become necessary.”