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ern doubles profits with fuel escalator
Page 16
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POOLE, DORSET-BASED hauler Wyvern Cargo more than doubled pre-tax profits in the last financial year, partly by persuading its customers to absorb fuel price increases.
Wyvern has a monthly fuel price escalator written Into all contracts because the price of diesel is rising so fast.
Turnover rose from £11.9m to £13.5m in the year to 31 March 2007, but pre-tax profit remains at less than 2% of turnover — although profit doubled, it still only reached £231,266. Director John Probert says: 'Whenever we enter tnto an annual review with a customer we always make it clear that we cannot absorb the increased costs of fuel. Most customers understand because they realise that profit margins in this industry are minuscule. It is a constant battle to get margins up."
Probert adds that one of the main developments at Wyvern in the past year was to develop its document and archiving storage; a niche market in which it has become a specialist.