Hoyer Group hits new high but UK division profit down

Hoyer Group has hailed its “highest turnover in its history” but conceeded challenges remain for its UK division.

Ascribing the group's success to a solid strategy, balanced portfolio and commitment to traditional family values, its UK Petrolog division had a tougher time than the group due to  the "general economic climate and the structural changes which are affecting in particular the UK retail petroleum market”.

The Hamburg-based group’s turnover for the 2013 business year was €1.09bn (£872m); up 5.1% on 2012’s €1.03bn. Earnings before tax also increased, with the group reporting €35.6m, compared with €32.6m the previous year.

However, accounts filed at Companies House showed that despite a 12.4% rise in turnover to £96.1m at Hoyer Petrolog UK, pre-tax profit slumped by 16% to £3.6m during the year ending 31 December 2013.

The directors’ report stated that the UK continued to be an important market for the group( a statement it made last year too), but it added: “Despite high levels of unemployment, there remains a shortage of skilled people, especially in management positions and drivers capable of operating effectively in demanding roles.”

The report listed “greater agility, efficiency, flexibility and responsiveness” as qualities essential to responding to the market and said: “We must also respond to an increasing threat from ‘low cost’ competitors whose aggressive behaviour is having some effect.”