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Profit slump in wake of takeover
Page 10
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A 41% SLUMP in pre-tax profits at Mike Beer Transport is being linked to its takeover earlier this year.
MD Mike Beer says most of the drop is accounted for by £120,000 paid to staff to cover their pensions.
"It was all to do with the buyout. We were not unhappy with the results we got. considering the year it was, because of the increases In fuel prices," he says.
"It takes a few months to get back some of the increases from customers."
In the year to January, Beer's turnover rose from £9.49m to £10.55m, but its pre-tax profit dropped from £464,012 to £272,812.
The company was bought in May by Essex-based Online Roadways (CM 18 May).
Beer expects turnover to rise another £500,000 this year. "We are trying to link up with their German operation," he says. "It's actually working quite well."
Company accounts show sales of a helicopter worth £129,000 and a BMW car worth £20.000 to Beer, who says that they are linked to the takeover In the same way as the pension pay out.