Profits have taken a hit at Spring Petroleum after the Top 50 independent forecourt operator invested heavily in store refurbishments.

Pre-tax profits fell from £495,795 to £236,107 in the year to 31 March 2011, according to accounts filed at Companies House. However, sales rose 3.7% to £32.8m.

Writing in the report, the directors said they planned to continue refurbishing and developing existing sites, as well as acquiring new ones.