Gleaner Oils reports progress in 'challenging market'
Gleaner Oils has reported "a good year of progress" despite seeing sales revenues drop as a result of falling oil prices.
The fuel and oils distributor said turnover slipped from £115m to £105m in the 12 months to 30 June. Operating profit fell by 22.7% to £493,000.
However, sales volumes rose by 9% over the period, boosting its market share.
Elgin-based Gleaner said it had been "a robust performance in an increasingly challenging market".
The company has been investing heavily in the business over the past few years.
Since 2014, it has spent £3.5m on tanker fleet and vehicle upgrades, forecourt and depot improvements, new IT systems and staff training.
Gleaner owns nine filling stations and 11 depots, stretching from Mull in the west to Cowdenbeath in the east, as well as Aberdeen in the north.
It also supplies 60 other stations and sells agricultural, domestic, industrial, marine, petrol and LPG products.
Managing director David Todd said: "It has been a good year of progress for the business in a volatile oil and gas market characterised by falling prices and great uncertainty.
"We have focused on investing for the future, and are pleased to see a dividend from that strategy, with an uplift in gross profit, a strong balance sheet and an increase in sales, including winning new clients for the first time in the central belt and Lothians.
"We operate in a high-volume, high-cost, low-margin market, and our turnover is linked to the price of oil, so 'turnover' is not a good barometer of our underlying performance.
"What matters is that our business is as efficient as possible, hence we continue to target efficiency, margins and volume growth."
The company, which was founded in 1954, employs 190 staff.