Hybrid marine fuels firm Lindsay Blee saw a near-tripling of its annual profit last year.
The firm made a profit of £2.88 million ($3.83 million) in calendar 2024, up from £960,897 the previous year but remaining below the £3.72 million profit noted in the year to June 30, 2023, it said in a regulatory filing last month.
Revenues grew by 18.8% to £140.38 million in 2024.
“The company was able to maintain a robust trading position, increase our customer reach and enhance our offering of traded and physical supply options,” James Hills, managing director of Lindsay Blee, said in the filing.
“Physical supply operational network continued to grow.
“More trucks and trailers, more drivers, more ships and new areas of supply all contributed to help keep us moving forward in this area.
“Most significantly, the addition of Whitaker Tankers into the group ensured good access to supply resources such as market-specific bunker tankers, expertise and supply experience.”
Lindsay Blee acquired 144-year-old Whitaker Tankers, with a fleet of eight tankers, in March 2024.
Lindsay Blee was established in 1959, initially as a bunker brokerage before expanding into physical supply and trading in addition. The firm has a staff of 20 employees in the UK and US, according to its website.
About the Author
