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Investments hit profits at Stiller Group
Page 12
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STOCKTON-ON-TEES based haulage firm Stiller Group has said that large-scale investment in its network is the reason behind its reduced profit during 2004.
Accounts just posted at Companies House show that the firm's pre-tax profit fell to £571,000, down from £1.9m the previous year. However, turnover showed healthy growth, rising 15% to /64.2m £8.7m up on the year before. Added to that is a further £1.2m increase in turnover from acquisitions gained through its 2003 purchase of Barnsley operator Pete Osborne Logistics.
Overall, the pre-tax profit represents a margin of 0.8%.
A Stiller spokesman says the firm is pleased with its turnover growth. He adds: "The reduced pre-tax profit is the result of investment made during the last year.We made a significant investment in new IT systems at our Darton site to bring that up to scratch, and we bought new trucks for our contract with High Street retailer Sayers and also a fleet of 12 new hulk powder tankers."
He describes 2004 as a -period of consolidation" and says the outlook for 2005 is "very positive". He hopes the firm will grow organically, but does not rule out further acquisitions.