Dodd's Group hit by customer loss
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DODD'S GROUP SAYS the decision by a major customer to Close its production facilities in the UK contributed to it making a loss in its last financial year.
21st Century Logistics which trades as Dodd's Group posted a pre-tax loss for the year to September 2009 of £300,333, down from a profit of £112.664 in the previous year. Turnover at the Sittingbournc. Kent-based haulier also slipped to £.10.9m from £12.8m in 2008. Last year. the company was forced to make some 30 staff redundant after paper supplier M-Real ended its 13-year distribution contract.
Jim Dodd, chairman of Dodd's Group. tells CM: "The results were affected by this."
Employee costs at the firm rose from 40.4% of turnover for 2008, to 41.3% in 2009 adjusting for redundancy costs In 2009. the company also suffered a had debt of £46.734.
Dodd's Group acquired part of the business of short-sea container haulier Les Knight Transport in autumn 2008 and Dodd believes the integration of that business is "going well".