Profits boost at Simpson Oils in Wick
A Wick-based oil firm has seen its profits rise by more than £500,000 over the last financial year.
Simpson Oils Limited, which has its registered office at South Quay, Wick Harbour, saw its turnover rise from just over £51 million to £64 million.
Its profit after tax for the year ending October 31, 2021, was £1.629 million, up from £1.060 million for the previous 12 months, according to accounts published at Companies House.
The company's financial report stated that the increase in turnover was primarily due to increased trading and fluctuations in the global oil price.
It said it continues to have a strong balance sheet, with net assets of around £9.4 million.
The report also references the war in Ukraine, saying that it has "impacted supply and the company continues to monitor the position on a day-to-day basis".
