Oil company’s turnover rises by £20m to £110m
INDEPENDENT oil distributor Oil 4 Wales is celebrating achieving a turnover of £110m in its latest financial results.
The Carmarthen-based business, which is run by father and daughter team Colin and Sally Owens, saw turnover rise by £20m in 2016-17, up from £90m in the previous year.
The company, which supplies 65,000 domestic and commercial customers across Wales, also achieved a small profit which it said reflected over-supply in the market and volatile prices.
The results follow a year of investment for the firm, including a £200,000 investment in the redevelopment of its owned and operated petrol station in Maesteg.
The investment provided enhanced facilities including a total redesign of the shop and the development of a new café.
Facilities were also improved at its depot in Powys thanks to a £300,000 investment, which enabled the site to become fully bottom loading to serve the farming community more efficiently.
During the year, the company also recruited 27 new members of staff across its depots.
Managing director Colin Owens said: “For a company of our turnover, the profit is smaller than we’d hoped, but it does reflect the oversupply and volatile market in the current political climate.
“Also over the past 12 months we have worked tirelessly to enhance our depots and petrol stations for our loyal customers, create employment opportunities and provide vital support within the communities that we serve.
“These results are a testament to our team’s hard work throughout the year and we’d like to thank them for their dedication once again.
“Our growth comes after a period in which Oil 4 Wales has made significant investment, so we are thrilled that we are having a positive impact across the communities we serve.
“We are committed to the communities of Wales through employing local staff, using local suppliers, providing a fair deal to our customers, supporting local causes and investing in the local community. This is something we will build on in our new financial year.”
Established in 2010, Oil 4 Wales has grown considerably over the last seven years and now supplies 65,000 domestic and commercial customers across Wales.
The company’s seven depots in Cardiff, Carmarthen, Blaenau Ffestiniog, Newtown, Lampeter, Brecon and Pembroke Dock handle a total volume in excess of 160 million litres of fuel per annum.
More than 16 million litres of fuel are supplied to some of Wales’ leading businesses including Mansel Davies & Son, Edwards Coaches, Walters Group and Persimmon Homes.
It owns four petrol stations and operates a further 27 in franchise agreements.
Mr Owens added: “During the next year we plan to strengthen and expand the brand even further through a number of high-profile projects, which we will announce in due course.
“And over the next five years, we are aiming to continue achieving growth of 20% to 30% year on year while building up our reserves to ensure the company’s long-term future.
“We would also like to establish a relationship with the Welsh Government and help Welsh profits stay in Wales.”