Calor Gas records 25 per cent hit to profits in Northern Ireland operation
THE Calor Gas operation in Northern Ireland took a hit to its revenues and profits last year, according to the latest set of accounts for the company.
The gas bottle specialist reported a 5.4 per cent drop in turnover to £30.3 million for the year ending June 30 2020.
That contributed to a 25 per cent hit to the company's pre-tax profits for the year, which fell from £5.3m to £3.9m.
The company, which is part of the Netherlands-based SHV Energy group, blamed a combination of falling sales volumes due to Covid-19 and falling prices for liquefied petroleum gas (LPG) during the reporting period.
“The volume reduction was driven by the dynamics of the Covid-19 impact on the economy.
“The directors are planning to maintain its hedged positions to minimize the impact on LPG prices for the next 12 months.
“For the future, the directors will endeavor to continue to grow sales volumes.”
While the reporting period covers the 12 months to June 30 2020, the report lodged with Companies House includes commentary from the Calor Gas NI directors, indicating that the Covid-19 pandemic had little financial impact on the company as of December 31 2020.
That commentary reflects the rising price of gas, which rose sharply in the second half of 2020 and has continued on a sharp upward trend in 2021, hitting the highest price since 2018.