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P TRADING
Page 11
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Widdowson Group's profit is 'back on track'
WIDDOWSON GROUP says the business is back on track following a Lim cash-forequity deal in 2009 and expects to return to profit this year.
The Leicester haulier says it has also concentrated on added value services, created a four-strong commercial team and reduced its cost base by in excess of 10%. It believes It is on track to hit its goal of £30m turnover by 2013.
John Hawksworth, commercial director, says: "We were uncompetitive and the signs were there 18 months ago. On contracts, we couldn't compete with our rivals."
An added boost has come from within its contract packing division ahead of the football World Cup, and expectations are high that transport volumes for drinks and
food customers will also rise: 'Due to our customer base, we are going through a particularly high volume promotional period," Hawksworth explains, "In all the meetings I attend it is expected there will be a major spike in volumes."
In a bid to strengthen reserves on its balance sheet, the company secured a Elm capital injection in exchange for equity in the business late last year, following pre-tax fosses of more than 500,000 in the 12 months to 31 March 2009, Hawksworth says there are no plans to buy back
its equity: "That's a decision for shareholders; they have clearly made their commitment to the business and did what they had to do last year. There's no short or medium-term strategy to reverse that situation."