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AKW Group 'held its own' during recession

20th January 2011
Page 9
Page 9, 20th January 2011 — AKW Group 'held its own' during recession
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chris.tindalt(arbi.co.uk MANCHESTER-based AKW Group "held its own" in tough economic conditions, according to director Tony Worthington, as its latest results reveal profit slipped by just £33,000 last year.

Turnover for the group in the year ending 30 June 2010 was almost £16m, down by just 1% on the previous year, with pre-tax profit broadly static at £419,290 compared with £452,059 in 2009.

However, the company says the reduced turnover was due in part to a fall in revenue for its World Freight Centre business following the end of a three-year fixed contract managing a separate warehouse on behalf of a client while a rebuilding project was completed.

The group's transport and distribution arm, AK Worthington, saw its turnover increase by 1% to £8.8m during the period.

A statement from the directors says the group's board will continue developing and widening its client base and the services it offers, adding: "Since our year-end, we are pleased that another major food industry company has signed a contract for storing food-based products in one of our BRCaccredited warehouses.

"Although the market continues to be volatile, our services and reputation are supporting us in achieving new business."

The directors blame the cost of diesel and low margins for creating very tough trading conditions in the industry before concluding: "The net worth of the company has increased to £2.37m, which is an important factor for our staff and any new and existing customers to know we have strength on the balance sheet to enable us to invest further in growth and services."


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