Topaz reports €7.24m profits

TOPAZ Energy swung back into profit last year, according to latest accounts filed with the Companies Office.

The accounts show that Topaz — which came into being six years ago through ION Capital’s takeover of the Irish retail operations of Shell and Statoil — generated pre-tax profits of €7.24 million in the 12 months to the end of last March. This was a turnaround from the previous financial year, when the company recorded a pre-tax loss of €19.1m. The firm’s operating profit amounted to €21m, up from a loss of €483,000 in the previous year, but turnover fell from just over€3bn to €2.35bn.

While there was a continuing fall in demand in the oil sales and distribution division (even though the company maintained market share in a dwindling market), Topaz’s forecourt and convenience retailing business enjoyed what management called “an exciting year” with non-fuel sales up by 0.7%, despite a fall of 6% in the total convenience market.