Fuel group in red with €1.06m loss

The fuel group owned by the man at the centre of the donations controversy that derailed Sean Gallagher’s presidential bid went into the red last year in spite of revenues increasing 30% to €143m.

Accounts filed by Hugh Morgan’s Morgan Fuels Ltd with the Companies’ Office show the Dundalk, Co Louth-registered group recorded a pre-tax loss of €1.06m in the 12 months to the end of March last year.

This followed the group recording pre-tax losses of €324,876 in 2011 — a negative swing of €1.38m. Revenues increased from €110m to €143.5m.