Fuel giant LCC Group reports pre-tax profit of £54 million
CO Tyrone fuel giant LCC almost doubled its profits last year, new accounts show.
The family-owned Cookstown operation recorded a pre-tax profit of £53.8 million for the year ending September 31 2021, 87.5 per cent higher than the £28.7m from 2020.
The group's extensive interests and operations include the ‘Go' service stations, a home fuel delivery business and a major coal import and export depot based at Belfast Harbour.
LCC's revenues fell by almost £200m in 2020 as the pandemic dramatically hit commodity and fuel sales.
But it substantially recovered its income last year, hitting £849m, an 18 per cent year-on-year rise.
But the total was still some £75m short of the £924m it reported before the pandemic in 2019.
LCC is jointly owned by Daniel Loughran and Michael Loughran
In their report on the year to September 2021, the directors said: “This year's results reflect the recovery of sales as the impact of Covid-19 was reduced.
“Commodity prices although recovered from the lows experienced during Covid-19 in the previous year had not yet risen significantly.”
However, the company said prices in the period subsequent to latest financial report had “increased sharply”.
“Revenues in the current financial year are therefore likely to show a significant increase.”
The latest accounts for the LCC Group show its workforce grew to 345 at the end of September 2021.