Revenues at McCormack Fuels down nearly €3m

McCormack Fuels, the Sligo-based home heating oil distributor, has reported revenues of €50.7 million for the 2012 financial year, down from €53.6 million the previous year.

The company made a gross profit of €1.6 million; however after interest and exceptional items it made a loss of €1.91 million.

The shareholders’ deficit at the end of July 2012 stood at €2.24 million.

In 2011, the company made an operating loss of €729, 298.

According to accounts filed with the Companies Registration Office, the company had to write off bad debts of €770, 267 in 2012. In 2011, the company wrote off bad debts of €694,473.

Redundancy costs

It also had redundancy costs of almost €70,000 in 2012. The average number of people employed by the company in 2012 was 16, with wages and salaries totalling €581,355.

The company said it operates a defined pension contribution scheme, with pension costs amounting to €7,595 in 2012, down from €9,427 in 2011.

The business also said it has secured additional working capital finance facility from Bank of Ireland and Topaz Energy. This additional facility was due to be repaid by January 2013.

In February of this year, McCormack Fuels agreed heads of agreement with Bank of Ireland and Topaz which will set out terms to restructure the group’s indebtedness.