Denis O'Brien's Topaz, which confirmed plans to take over rival Esso Ireland late last year, has announced operating profits of €13.9 million for the 12 months ending March 2014, up 9 per cent compared to the previous year.

Ireland’s largest fuel retailer, which published its 2014 fiscal results on Wednesday, also said it is to invest €20 million in a major rebranding programme following the completion of the Esso deal.

Chief executive Emmet O’Neill, who took over as chief executive of Topaz earlier this month, said it expected the Esso acquisition to close before the end of the year, subject to regulatory approval. Topaz is reported to be paying €70 million to take over 38 Esso service stations and gain the right to supply 60 more.

The company on Wednesday announced earnings before tax, depreciation and amortisation (ebitda) of €27 million for the 12 months to the end of March 2014, unchanged from the previous year. Revenues totalled €2.9 billion, compared to €3.3 billion a year earlier.

The company reported a pre-tax profit before exceptional items of €2.1 million. When exceptional items of €6.9 million are taken into account, pre-tax losses stood at €4.7 million, compared to losses of €13.6 million for the year ending March 2013.

Net assets stood at €75.8million, compared to minus €48 million a year earlier while staff numbers were largely unchanged.

Topaz, which was taken over by businessman Denis O'Brien in 2013, processes an estimated one million transactions every month.

“2014 was a transformative year for the Topaz business. We successfully concluded a major restructuring of the hroup balance sheet which saw a significant investment by shareholders (€128.5 million) and a corresponding reduction in group borrowings of over €120 million (which reduced Group debt by approximately 85 per cent). This has freed up the resources we need to make a really substantial investment in the business in Ireland and to ensure that we regain our leadership position in the sector here,” said Mr O’Neill.