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Edwards sheds contracts to make a profit
Page 8
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HULL-BASED EDWARDS Logistics converted a £1.8m loss in 2003 into a £133,000 profit last year after it dropped its third-party businesses in the UK and Belgium.
Consequently, its latest accounts show that the logistics company, whose parent company is American Standard, reported a reduced turnover, down £200,000 from the previous year to £26.4m. This was despite a small increase in turnover in its Continental markets: £13m compared with £12.7m. Its
UK business fared worse: turnover fell 4% to £13.3m.
David Barber, Edwards' managing director, says: "The business shed some loss-making contracts... it's a very pleasing turnaround." He believes there is every chance the company will return to these businesses again: "We are always interested in the right business at the right price."
According to the directors' report: "During the year, the company completed its exit from third-party business in the UK, begun in 2003, and in July exited the third-party transport business in Belgium. This has allowed the company
to concentrate on its core business and significant improvements have been realised."