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Contract end puts fizz into Rygor Group figures
Page 13
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THE LATEST ACCOUNTS for Rygor Group Services show a fall in turnover but a significant rise in pre-tax profit, mainly due to a decision to end a contract with Coca-Cola.
Turnover fell by nearly £2m to £12m in the financial year to 30 April 2006, but the group's pretax profit jumped from less than £8,000 to £104,000.
Clive Squire, director of the Wiltshire-based distribution, warehousing and contract hire business, believes the key to the turnaround was Rygor's decision to end its contract with Coca-Cola a year ago.
He explains that the contract was losing money for a number of reasons, including too much empty running and excessive time spent waiting to load at regional distribution centres.
As a result, Rygor decided to reduce the size of its fleet and concentrate on making more money out of less work.
Squire adds: "We just had too many trucks devoted to Coca-Cola and [the contract] wasn't making money, so we had an amicable parting of the ways." He adds that the full benefits of the switch in policy will be seen in next year's accounts, when he expects that Rygor will
be able to report a further rise in its annual profit.
"We're more concerned with profit than turnover," he says.