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CM Downton boosts pre-tax profit to Gm
Page 11
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CM DOWNTON, the familyowned Gloucestershire distribution specialist, saw pre-tax profit grow to Om in the year to 30 June 2009, up from L.3.3m the previous year.
Turnover also soared to £54.6m from £41.5m in 2008, with £11.8m of that contributed by a number of joint-ventures. including Jigsaw Solutions and Avon Distribution. It is also the 100% shareholder of magazine distribution specialist Fastrnag.
Subsequent to the accounting period, CM Downton became the sole owner of Jigsaw when it bought out co-shareholder F Swain for £800,000.
A company spokesman says the firm is delighted with the results. He adds: "We are fortunate enough to have an extremely diverse business working across all sectors, which has helped to cushion us from some of the effects of the economic slowdown.
-We remain totally customerfocused and we have great people, therefore we are upbeat about the future."
The directors report stresses that it expects the business environment to become "increasingly competitive given the onset of recession and subsequent drop in haulage volumes".
It adds: "However, through focused business development and continued control of costs, the directors are confident that our current level of performance will be maintained.
The firm's net asset position improved by £1.1m during the period to £9.1m: net debt stood at £8.3m.
Duri ng the period,CM Downton employed around 370 driving and 70 office staff, with staff costs totalling £12.8m.