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Russell bosses upbeat despite profit slump

16th February 2006
Page 12
Page 12, 16th February 2006 — Russell bosses upbeat despite profit slump
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SCOTTISH ROAD and rail specialist John G Russell (Transport) has seen its pre-tax profits slashed by more than 50%.according to its latest set of accounts.

The Hillingion, Glasgow-based firm boosted its turnover to £33m in the year ending 31 March 2005; up from £29.8m the year before.

But pre-tax profits slumped to just £1Am, down from £3.4m in 2004. although the 2004 results were boosted by the disposal of fixed assets which earned the firm £3.2m. Operating profits were actually up £400,000 on 2004 levels.

The annual report says: The directors are encouraged by modest growth in core activities and improved trading margins as a result of recent efforts to address uneconomic operations, "They are confident their ongoing efforts will improve the long-term prospects for the business.., action taken demonstrates a strong COMmitment to the Scottish economy" But they warn the full impact of the Road Transport Directive will not be known until at least 2006.

Russells' hulk liquid transport subsidiary Camtyne Transport boosted its turnover to £.11.2m and pre-tax profits to .£500,000.

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People: John G Russell
Locations: Glasgow

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