Citing ‘tough economic conditions’ the family company, headquartered in Hull, reported a Group revenue dip from £591m in 2023 to £531m last year.
Gross profit showed an accompanying fall, slipping to £37.5m in 2024 from £43.2m in 2023, and profit before tax halved, from £4.8m in 2023 to £2.4m last year.
Group managing director, James Doyle, described 2024 as a challenging year for the business. This was demonstrated most acutely in the UK holiday market which saw a ‘significant’ drop off, leading to both Rix-owned holiday home manufacturers – Victory Leisure Homes and Prestige Leisure Homes – making losses.
Mr Doyle said: “Revenue for the group decreased as a result of reduced oil prices and lower production of leisure homes, due to a significant drop-off in demand in the UK holiday market.
“These tougher market conditions reduced profitability for our petroleum businesses and caused our leisure homes businesses to make losses, which resulted in a reduction in Group profit before tax.
“However, given the challenges in the market, we are broadly satisfied with how the businesses performed. Our long-term strategy of reinvesting profit back into the business means we always remain well positioned to manage challenges in the marketplace and enables us to diversify into new markets to spread the overall Group risk.”
Renewables buck the trend
Elsewhere, the Group was impacted by a reduction in windfarm construction activity.
Maritime Bunkering – the Rix Group’s marine fuel supply operation – and Rix Shipping, which operates the company’s fleet of windfarm workboats, both reported a reduction in turnover and profit as the wind was knocked from the sails of the UK’s offshore sector.
However, Rix Renewables, which provides managed services for the offshore and onshore wind farm industry, including skilled technicians, engineers and crew transfer vessels, bucked the Group trend by showing significant progress throughout the year.
This led the business to increase revenue by 100%, and profitability increasing by 520%.
The Group’s investment properties continued to benefit from strong demand and maintaining a high level of occupancy.
Streamlined for strength
Mr Doyle said despite the challenges, J.R. Rix & Sons Ltd remained well funded and in a strong position to weather future economic storms.
He said: “Whilst significant heads winds were encountered in 2024, we have made good progress in many areas into 2025, to simplify and streamline the business.
“Our ongoing strategy will be one of continuing to reinvest the majority of profit back into the group to further invest in profitable and sustainable opportunities through a combination of new business start-ups, organic growth of existing businesses, and through acquisition.”
The image, supplied by J.R. Rix & Sons shows James Doyle, Managing Director of the business.