Topaz announces €20m investment, operating profit up 9pc
FUEL and convenience retailer Topaz has announced a €20m investment programme across its nationwide network.
The investment will include the extension of the Topaz and ReStore brands across the Esso network it purchased last year.
Announcing its full year results for year ended March 2014, the company said operating profits were up 9pc to €13.9m.
Topaz reported earnings before interest, depreciation, tax and amortisation of €27m on turnover of over €2.9bn while the pre-tax profit figure was €2.1m, before exceptionals.
Topaz added that when exceptional items associated with restructuring of borrowings were stripped out, the pre-tax loss of €4.7m was down from €13.6m the previous year.
"2014 was a transformative year for the Topaz business," said Emmet O'Neill, chief executive.
"We successfully concluded a major restructuring of the group balance sheet which saw a significant investment by shareholders of €128.5m and a corresponding reduction in group borrowings of over €120m, which reduced the company debt by about 85pc.
"This has freed up the resources we need to make a really substantial investment in the business in Ireland and to ensure that we regain our leadership position in the sector here.”
Topaz employs over 1,500 people.
Last year the company announced that it was adding 38 Esso garages across the country to its current 120-strong chain after striking a deal with Exxon Mobile.
Its parent firm, Kendrick, is owed by businessman Denis O'Brien.