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Satisfied with falling profits
Page 7
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FAMILY-OWNED warehousing and distribution firm Massey Wilcox is satisfied with trading results for last year, despite an almost 50% decline in pre-tax profits.
Director Robert Wilcox says the £243,000 profit for the 12 months to 31 May 2005 is "in line with the industry" and describes current trading conditions as "tough".The firm made a £458,000 pre-tax profit the previous year.
The Chilcompton business also reports operating profits down from £596,0(X) to £421.000. Much of this is blamed on an increase in operating leases due to the purchase in May 2004 of local rival A1 Brunt. Wilcox says the operation has now been fully integrated.
Wilcox adds:"It's tough to make a decent profit, the way costs are rising. In the '80s and early '90s we made 15% margins. Those days are gone."
Along with much of the industry, the company went through a quiet patch in January and February. Wilcox's concern with low margins is that "you have no fat to live off". christopher.tindall@rhi.comk