01/07/2024 by OilStoreAdministrator
The UK arm of Fuchs, the largest independent provider of ground-breaking lubrication solutions in the world, has reported higher pre-tax profits and turnover for 2023 despite being affected by increasing costs.
Fuchs was founded in 1931 in Mannheim, Germany as a family business. It has since grown to become a global lubricant giant with a presence in over 50 countries and around 6,000 employees.
The company says that rather than just considering standards, it thinks in terms of perfection. It says it engages in an intensive dialogue with customers, with it playing the roles of an innovative problem solver, an experienced consultant and a reliable team partner.
The UK arm operates out of Stoke-on-Trent, where it has an automated production plant. From here, it provides tailored support packages, and makes and delivers lubricant solutions.
The accounts of FUCHS Lubricants (UK) reveal that the subsidiary’s turnover rose to £181.2 million from £170 million, with the business’s pre-tax profits rising from £6.9m in 2022 to £14.8m in 2023.
The company’s board put an agreed statement that said that sales volumes in 2023 were down on the previous year, adding:
“Significant cost increases in 2022 on the back of the war in Ukraine and subsequent shortages led to several selling price increases. In the early part of 2023, we saw some cost reductions as availability improved, with material prices remaining stable for the rest of 2023.”
The statement also said that the company’s cost base had been affected by increases in overhead costs, particularly for energy and labour, but despite this, profitability was up on 2022.
You may also interested in:
Oil production in Nigeria highest for 15 months
May saw crude oil production by the biggest oil producer in Africa rise to a 15-month high as it continues to increase production.
Chevron releases episode two of industry podcast
US-based oil major Chevron has released the second episode of “The Energy Tailgate”, which seeks to present down-to-earth conversations about the industry.