Fuel chain Topaz Energy made a pre-tax loss of €4.7m in the year to March 2014 as exceptional costs relating to its debt restructuring weighed on its balance sheet.

Topaz had revenues of more than €2.9bn in the year to March 2014 – down 12% on the previous 12-month period – and a pre-tax profit before exceptional items of €2.1m.

However, the company also booked a €6.9m exceptional item during the year, which it said was largely due to the restructuring of its balance sheet during the year.

Emmet O’Neill – who became CEO of Topaz earlier this month – said this restructuring had reduced the group’s debt by around 85%, which would free up resources for investment this year.

Topaz, which is controlled by businessman Denis O’Brien, operates a chain of fuel stations across the country.

Late last year it struck deal to acquire Esso’s Irish business, which includes 38 company-owned service stations and the right to supply around 60 service stations owned by independent dealers.

Mr O’Neill said the company was hopeful that this acquisition would close in the coming weeks, subject to regulatory approval.

He also announced a €20m investment programme across its network, which will see upgrades to its forecourt facilities at a number of locations.