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Profits up while turnover dips
Page 13
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TAYLORS OF MARTLEY increased its pre-tax profits by about Elm despite a fall in turnover in its last financial year.
The Worcestershire haulier posted a pre-tax profit of £108m in the financial year ending 30 June 2006 compared with a loss of £124,000 the year before. Turnover fell from £31.2m to £28.9m In the same period.
In their report the directors say the firm expects turnover and profit to 'continue at a similar level over the coming year".
The firm's transport arm, TM Logistics, saw a fail In turnover of 12.6% to £26,2m; pre-tax profits were 2815,000. This reflects a re-evaluation of group property arrangements, combined with the loss of major customer MG Rover (CM14 April 2005), Staff numbers were reduced by 17.5% to 292 in 2006. This helped to cut the annual wage bill by 18.8%, from E9.7m to £7.8m.
The figures also include exceptional income of £97,502 for early termination costs and loss of profits on a contract.
Director Stephen Taylor says: "We are pleased with this year's results and we are now in a position to take forward the firm's growth plans for the next five years."
Fellow director Grahame Taylor adds: "Our results are a tribute to the efforts of our senior team and our employees."