Wick-based oil firm reports increased pre-tax profits and turnover
Pre-tax profit and turnover increased for a Caithness-based fuel and oil distributor.
Simpson Oils, which is headquartered in Wick, registered the rises for the year ended October 31, 2022 despite acknowledging risks associated with troubles overseas.
A strategic report accompanying its latest accounts stated: “The Ukraine war and other political matters has impacted supply and the company continues to monitor the position on a day-to-day basis.”
The firm attributed the rise in turnover as primarily due to increased trading and fluctuations in the global oil price. But it pinpointed the volatility of oil prices among principal risks and uncertainties for the firm.
It added: “The company is pleased to report that investment over the past years in both assets, strategic planning and staff is coming to fruition and is reflected in the figures being reported. The company continues its policy of investing in both staff and infrastructure for the future.”
Turnover increased from £64,010,849 in 2020/21 to £100,781,217 in 2021/22, while pre-tax profit went up from £2,026,015 to £2,702,112.
Over the same period, the average number of employees increased from 32 to 33, while staff costs rose from £825,669 to £862,161.
The report added: “In line with our strategy, the company continues to assess new opportunities and will invest in innovation/technology to drive operational efficiencies and improve customer experience.”
