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Turnover up, profit down
Page 17
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GLOUCESTERSHIRE storage and haulage contractor CM Downton enjoyed a dramatic increase in turnover last year, although profits dipped slightly due to rising fuel prices.
During the financial year ending 30June 2006,the company boosted turnover by.£6.5m to almost £33m. But pre-tax profits fell to £738,000 from more than £900,000 in 2005. Group net debt was calculated at £764,000. The corn pany expects 2007 to be just ascompetitive.but a spokesman adds: "We remain confident that we can focus on improving margin and we will maintain our current level of performance in the future." He explains that the decrease in pre-tax profits was "due to massive increases in fuel costs".
Downton lists Tesco, ICI and Dairy Crest among its clients and runs 240 vehicles. It believes the main business risks relate to competition from national and independent hauliers, oil prices and the employment of additional drivers.
CM Downton incorporated Avon Distribution and became a joint venture of the group in May 2005. It also became an associate member of the transport consortium Jigsaw in January 2006 and holds 100% of the shares in Fastmag, the publishing industry logistics specialist.