Hingley & Callow oils up profit line
Concentrating on its "core" oil activities has helped Worcestershire-based fuel distributor Hingley & Callow Oils boost turnover by almost £14m.
Pre-tax profit increased from £1.6m to £1.8m and four new positions were created.
Over the year to 30 June, the Stourport-on-Severn company grew revenue from £77.9m to £92.8m. It hailed the "strong" performance in what was "a challenging year for the oil industry".
The company mainly deals in distributing domestic, agricultural and industrial fuels. Over the year, involvement in farming and forestry was minimised as the company turned to focus on its "core" oil distribution base.
A directors' statement in Hingley & Callow Oils' latest financial report read: "The company has a good balance sheet, with strong liquidity.
"Although the business environment in which the company operates continues to be challenging, the directors are continuing with a significant capital investment programme to increase storage capacity and update the tanker facility."
It added that these measures "should improve profitability".
