Sandwell-headquartered lubricants firm Exol Lubricants has reported a rise in both turnover and pre-tax profits during its latest financial year.
Exol Lubricants is one of the largest independent lubricants companies in the UK, with sites in Wednesbury and Rotherham. It manufactures and supplies a range of lubricants and associated products to industry, agriculture, transport, automotive and garage sectors.
The firm has reported a turnover of £73.4m for the 12 months to 31 December 2019, up from £65.5m the previous year. Its pre-tax profits also increased from £1.9m to £3m.
Product development has been at the forefront of Exol’s strategic development and its comprehensive range of products has evolved through anticipating and exceeding the needs of the lubricant market.
Manufacturing and the supply of products takes place from its two sites in Wednesbury and Rotherham, while research and development is based at its Sandwell headquarters.
The company now supplies customers worldwide through a network of agents and distributors.
A statement signed off by the board said: “The directors are happy with the operating performance and anticipate further growth in the forthcoming year.
“As was the case within the wider economy, the business was rocked in late March 2020 with the sudden lockdown of the UK following the outbreak and subsequent spread of Covid-19.
“As a result, we were forced to review all business processes, ensuring that the safety or our employees and all of our stakeholders was prioritised.
“Up to this stage our employees and our supply chain have done an incredible job in helping the biggest single challenge we are ever likely to face.
“The business has again performed with credit in 2020 to ensure we retain our position as the largest independent supplier of lubricants in the UK.”
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