Hull family business J.R. Rix & Sons reported a 21% rise in turnover in 2018, due to the integration of two new fuel businesses and the fluctuating price of oil.
The company, headquartered on Spyvee Street, Hull, saw an increase in group revenue from £407m in 2017 to £496m last year as oil prices peaked at key trading times in the year. Group pre-tax profit grew by a third, from £5.8m to £7.7m.
Rix Petroleum, the largest business in the Group, accounted for 70% of the growth in group revenue, rising from £304m to £366m.
As well as the rising oil price, the result reflects the impact of two acquisitions – North Yorkshire-based Stones Fuel Oils at the end of 2017, and Wynnstay Fuels, which the company bought in mid-2018.
However, despite last year’s long, cold winter, like-for-like volumes rose just 3.3%, mainly as a result of the new depots coming on stream.
Rory Clarke, MD said: "This has been a good year for J.R. Rix & Sons. “Our fuel wholesale and distributions operations have reported a solid performance, as has our shipping business, and our motor division. “Our caravan manufacturing operation has seen a slight fall in revenue as a reflection of the decline in retail confidence extending into the leisure home market, so taking that into consideration, the business performed in line with expectations.”