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Boughey profits fall after loss of HP Foods contrad
Page 12
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The distribution firm says it is now back on track and expects to increase turnover by more than El 5m. David Harris reports.
THE LOSS OF A major contract is cited by Cheshire haulier Boughey Distribution as a major factor in the decline in its pre-tax profits by more than half.
Boughey's pre-tax profits fell from £1.4m in the financial year to 31 May 2006 to £535,000 in the year ending 31 May 2007. Turnover fell from £27.7m to £27.4m in the same period.
The company says the loss of the work for HP Foods,after Heinz acquired the firm and took its logistics in-house, left Boughey with over-capacity for several months. This had a knock-on effect on both its turnover and profits.
Managing director Keith Forster says the excess capacity has now been taken up with a contract for TyphooTea.
He adds that the underlying business has now returned to previous levels and expansion at the company means it expects to add more than £15m to its turnover—over the next few years".
But Forster concludes: "The challenge is going to be to increase profits at the same time."
Boughey, whose business includes warehousing as well as haulage, has put up 27,900m2 of shed space in Wardle, Rochdale this year. One of the new warehouses will be cooled to suit the storage of chocolate products in the warmer months.
Boughey was established in 1960 as a milk haulier and was acquired by the NWF group in 1972.