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Garn hopes rival will boost profit
Page 15
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SPALDING. LINCS-BASED Garn Transport says it remains "optimistic"over growth prospects. even though its pre-tax profits fell by more than 40% last year.
The firm believes the acquisition of a local haulage rival will boost its future profits.
In the firm's accounts to 31 July 2005. director Richard Gam says that the haulage and truck servicing company which also rents out workshops. is operating in a "highly volatile fuel environment".
He accepts that "opportunities for considered growth are few", but points out: "In the period after the balance sheet the haulage. company Philip Maddison Haulage was purchased. Although there was a strong rationale for the purchase, it's likely to take at least the current financial year for material profits in that company to show."
The company.which employs 45 drivers, is unwilling to expand on this. However, a spokesman does say: -It takes time for things to come through and change things." Philip Maddison Haulage ran 42 vehicles and 36 trailers.
Gam Transport's annual profits came to almost £87,000, which was down from the £149,000 it made in 2004. Its bank loans and overdrafts were £358,000, more than treble the amount in 2004.