Rising oil prices have helped drive growth for Hull-based family business, J.R. Rix & Sons Ltd. The company has seen its turnover increase by 17% in 2017 with all companies in the Group reporting an improved performance on the previous year.
Group revenue increased by £60m to £407m in the 12 months to December 31st, 2017, with profit remaining stable at just under £5m.
The weak pound also combined with an increase in the price of oil prompting growth at the Group’s inland and marine fuels businesses. Rix Petroleum – the largest company in the Group – increased sales from £272m to £304m and Maritime Bunkering’s revenue increased from £25.4m in 2016 to £38m in 2017.
Rix Shipping, which manages the company’s shipping fleet and stevedoring operations in Hull and Montrose, saw turnover nearly double across the year from £7.2m in 2016 to £13.6m last year, and the Group’s car and commercial vehicle retailer, Jordans Cars, reported a slight growth in sales from £23.6m to £25.4.
Mr Clarke, managing director of J.R. Rix & Sons Ltd, described the performances as solid, adding that much of the growth had come from an increase in the price of oil.
He said that the demand for Rix Petroleum’s products was seasonal and affected by the weather, which had been slightly warmer compared to the previous year, with a relatively mild winter.
For more information, visit: www.rix.co.uk
30th July 2018