Profits rise at Rix
PROFITS have risen at the Rix Group as it reports a year of “steady” progress.
The Hull-based family owned business, which has been established for more than 140 years, operates a number of divisions including marine bunkering, shipping, motors, petroleum and caravans.
In its financial results for the year ended December 31 2013, pre-tax profit increased to £4.2m from £1.7m, operating profit increased to £4.4m from £1.9m and gross profit rose to £20.1m from £17.6m. Group turnover shrunk slightly to £490.1m from £494.1m.
Rix Group, which started out as ship owners in the 1870s, employs more than 400 people.
Looking at each division, marine bunkering, which is responsible for the supply of marine fuels to shipping vessels, saw a decline in turnover from £75m to £66.2m. Rix said profitability was affected by the availability of product but despite that, the marine bunkering division has had a “successful” year.
The shipping division, responsible for the management of the group’s shipping vessels together with stevedoring operations in both Hull and Montrose, also saw a decline in turnover from £5.3m to £3.8m. Rix said 2013 was a challenging year for the operation.
Rix’s motors division, which operates a Fiat dealership, boosted turnover to £14.6m from £11.9m. Turnover rose at the petroleum division, the largest of the group’s businesses, from £391.7m to £395.3m. Rix said it continues to expand its area of operation and in 2013 produced a “strong performance”.
The caravan business operates as Victory Leisure Homes and manufactures static caravans and lodges. This arm of the group saw turnover of £10.2m, the same as the previous year.
No one at the company was available for comment.
