2nd October 2020
We are pleased to announce our results for the six months ended 30th June 2020, having achieved a successful period of trading since hive-out from Essar Oil (UK) Limited on 1st January 2020.
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.
The long-term take-or-pay contract we have 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.
Demand for storage capacity in the UK and worldwide remains strong and during our first 6 months we received an increasing number of enquiries from third party customers. We continue to market our assets widely to prospective customers.
Patrick Walters, Chief Executive Officer of Stanlow Terminals, commented: “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.”
Click here for PDF of the results.