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Liquidated client hits profit and turnover at Gerry Jones
Page 8
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e rry Jones Transport absorbs a £250,000 bad debt but stays in the black — and the firm promises to bounce back. Chris Tindall reports.
FAMI LYOWNED operator .5erry Jones Transport was forced .o increase its bank loans last year is the liquidation of a key customer eading to a1250.000 had debt hit .ts profits and turnover.
Pre-tax profit at the Newport, Wales-based firm fell 610/ to E290,000 on a turnover of 15.9m. with gross profits dropping 14% Lo 11.6m for the financial year anding 31 March 2006. As a result its overdrafts and loans increased six-fold from 142.000 to more than E250,(XX).
However, its short-term debts were reduced by almost 1300,000 to 11.1m, due mainly to a fall in amounts due to creditors as well as in hire-purchase agreements and tax.
Proprietor Gerry Jon es remains optimistic that the firm will soon return to healthier profits: We are here to stay. We have started working for several different major clients since [the liquidation I and we have concentrated on our core business."
He adds that -crippling" fuel prices in 2006 also made trading difficult and the firm was unable to pass on all the costs to customers: At the end of the day, you can't keep knocking on their door. We've got good relationships with our customers; sometimes you have to take it on the chin to help them out of a situation."
The company has recently sought planning permission for an extra 2,800m2 of warehouse space to add to its existing 3300m2.
Gerry Jones Transport was founded more than 20 years ago and has a fleet of 60 vehicles and 100 trailers.