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Sutton & Son stays in the red due to 'diversification costs'
Page 8
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It's been another bad year for Hazchem specialist Sutton & Son, but its parent company reports healthier profits. Bridget Carter reports.
BULK LIQUID transport group Sutton & Son has made a pre-tax loss for the second year running according to accounts for the year ending 30 April 2005. The Cheshire-based firm lost f Lim following f.1.2m losses in 2004.
However, the company's parent group,Thomas Cradley Holdings, earned pre-tax profits of f600,000, mainly thanks to its lucrative international operations.
Andrew Palmer, managing director of Suttons Transport Group, blames the losses on attempts at diversification: "The tanker division did diversify into the food and petroleum sectors from mid-2003 to 2005 and there were mixed results with that.
"The entry costs of getting into the petroleum transport were much higher than expected. largely as a result of management."
In addition a key food distribution client whose business was earning the firm more than ft m in turnover went into administration.
Turnover for the year was £37.5m, up from f30.3in in 2004. Turnover at Thomas Cradley Holdings rose from £65m to £77m, Palmer believes that a management plan put in place last year, and the appointment of a new MD for the tanker division, will help improve Sutton & Son's results for 2006: "At the halfway point of this financial year there had been substantial progress beyond 2005", he says.