Moray fuel supply firm Gleaner Oils has set its sights on expansion after moving back into the black.
Gleaner recorded pre-tax profits of £358,700 for the 18 months to the end of June 2015, up from losses of £65,900 in 2013, according to accounts lodged with Companies House.
Turnover surged from £125million to £173million during a period that saw the Elgin-based firm reduce its pension deficit to £3.7million from £4.7million.
The company provides products for a range of markets, including agricultural, domestic, industrial, marine and petrol.
It supplies 51 filling stations in Scotland and has nine of its own branded forecourts.
Managing director David Todd said Gleaner switched its financial year-end to summer as the festive period is the busiest time for household heating fuel sales.
Mr Todd said it made sense to move the end of the accounting period to summer, which is a quieter time for Gleaner.
The firm’s takeover in July 2014 was the catalyst for the switch, Mr Todd said.
The multimillion-pound deal handed full ownership of Gleaner to Jane Scott, the granddaughter of founder Robin Young, and her husband Stephen.
The couple owned half of Gleaner before Mrs Scott bought the remaining 50% stake from her uncle, Brian Young.
Mr Todd said the sale allowed the new-look Gleaner to embark on a five year growth strategy.
In the latest accounting period, Gleaner invested a seven figure sum in 11 new tankers, refurbishing its filling stations and upgrading its oil depots and IT security. It also increased its headcount by 10 to 190.
Mr Todd said Gleaner was committed to spending similar amounts over the remainder of the five-year period and would “look to cover all of Scotland for fuel supply”.
Most of the filling stations Gleaner supplies are north of the central belt.
Mr Todd said the firm would specifically target “rural areas where there is a need for fuel and oil” and improve their economies by hiring local people.
He also said Gleaner, which has 10 oil depots, had put a plan in place to tackle the pension deficit, adding: “We are pleased with the progress made since we took ownership and the direction in which the company is now heading.”