Maxol announces strong trading performance for 2024

The Maxol Group has announced its full-year trading figures for 2024 and outlined its new investments for Northern Ireland.

Group CEO Brian Donaldson confirmed a strong performance following an investment programme of £61 million during the 2023-2024 trading period, bolstered by an additional £41.4 million in capital expenditure during 2025.

The Group finished the year in a strong financial position, with no net bank debt and a substantial cash surplus.

According to Brian Donaldson, 2024 and 2025 have been defined by strategic investments, key acquisitions and smart innovations, as the company expanded its offering with new sites, products and services.

Group turnover in 2024 was £685 million, an increase of 4% on 2023, while Group profit before tax in 2024, before exceptionals, was £29 million, £2m more than 2023.

Backed by an ambitious growth strategy, The Maxol Group made 14 site acquisitions during the 2023-2025 period and redeveloped or retrofitted 27 of its existing sites.

One of the most notable redevelopments is the £1.5 million investment which is underway at Maxol Ballyholme in Bangor. Situated on one of the main routes from Bangor to Donaghadee, the service station and SPAR store is operated under licence by Maxol’s retail partner, the Henderson Group.

The investment project will see the existing shop reconfigured to incorporate a substantial portion of its former storage area, enabling the creation of a new 1506 sq ft retail space – an increase of nearly 25% from the previous 1237 sq ft.

An expanded grocery food offering, including an extended fruit & veg, dairy, and frozen food sections will be introduced, as well as a Barista Bar, while the inclusion of a Post Office facility in-store will be an added bonus for customers.

SIGNIFICANT DEVELOPMENTS

The forecourt will be reconfigured and a new canopy put in place, while car parking bays will double from six to 12 and will be located directly in front of the store. Two fuel pump islands will replace the existing three and pay-at-pump facilities will also be introduced, heightening customer convenience.

Work is expected to be completed in December with the store continuing to trade throughout the redevelopment.

Meanwhile, over £500,000 has been invested at Maxol Tates Avenue, with the project including an extension to the existing store, increasing retail space to 1650 sq ft, as well as car parking spaces increasing to 13 with pay-at-pump facilities having doubled to four terminals.

An investment of £268,000 was made at Maxol Saintfield on the Crossgar Road, with the service station refurbished with new floors, ceilings and fittings and newly branded signage; while a £370,000 investment will soon get underway at Maxol Scarva Road, Banbridge. This will include an enhancement of the shop’s sustainable features and newly branded signage.

Going forward, Maxol is taking steps to redefine what it means to deliver for customers beyond fuel, with car wash becoming a critical and growing part of the operation. Brian Donaldson explained it is now a core service that strengthens customer loyalty and reputation.

Recognising the evolving expectations of motorists, Maxol is rolling out an American-style conveyor car wash technology representing a major leap forward in speed, quality, and customer experience. This innovative car wash system is already operational at two Maxol stations in Dublin.

Planning applications for the conveyor car wash system will be made shortly for five of Maxol’s existing sites in Belfast, Derry~Londonderry, Limerick, Cork and Dublin.

“This expansion underscores our commitment to innovation and customer satisfaction, and I believe this will help position Maxol at the forefront of the next generation of forecourt retailing,” said Brian Donaldson.

Notwithstanding the growth and innovation within the business, Brian Donaldson highlighted challenges impacting the forecourt retail convenience sector, and the economy more broadly, including a more cautious consumer, a slower transition to EV adoption and the rising cost of doing business.

“The challenges for consumers include the up-front purchase price while for our business, challenges are the same as they have always been, such as the urgent need for grid reinforcements to support large-scale electrification and faster planning decisions to accelerate the rollout of charging infrastructure,” he said.

“Like other businesses, Maxol isn’t immune to the increased cost of labour while also contending with volatile energy prices, triggered by geopolitical instability. Rising insurance and other operational costs, alongside additional regulatory burdens, are intensifying cost pressures.

“Doing business has become more complex and more expensive and there is a real need to bolster support for existing businesses, and start-ups in particularly, to help foster innovation and drive positive market dynamics.”