Stanlow Terminals said it is “pleased” to announce its results for the six months ended 30 June 2020, “having achieved a successful period of trading since hive-out from Essar Oil (UK) Limited on 1 January 2020.”
It said: “Thanks to the performance of our team and the quality of our assets and infrastructure, we delivered a strong set of financial results. Our performance is reflected in the robust EBITDA margin of over 70% and our cash position remains healthy.”
It added that the long-term take-or-pay contract it has with the Stanlow Refinery has provided good insulation from the full effect that the COVID-19 pandemic has had on global demand for oil and petroleum products.
Patrick Walters, chief executive officer of Stanlow Terminals, said: “This has been a period of establishing our business and brand in the market place and there is more work to do. Our focus remains to develop a diverse portfolio of customers, particularly looking at those opportunities involving alternative and low carbon fuels. We are making good progress in discussions with a number of prospective customers.”
He continued: “We have a strong balance sheet and a resilient business model. Continuing to operate at the required levels during this difficult period is testament to the commitment of all our staff and those of our contractors and I would like to thank them for their efforts.”
For more information visit www.stanlowterminals.co.uk