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Irish haulage failure rate increases dramatically
Page 15
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THERE HAS BEEN a massive increase in the number of haulage corporate failure cases in Ireland this year — and the situation is predicted to worsen.
According to financial advisory firm FOS, the sector experienced a four-fold increase in liquidations and receiverships in the first six months of 200S, compared with the same period last year. It says 312 companies across all industries in Ireland have gone to the wall, with 12 of these, or almost 4%, in transport and haulage. This compares with less than 2% in 2007 and puts the sector in fifth place behind retail, IT, hospitality and construction.
FOS says fuel cost is the main reason for firms struggling. According to the International Road Transport Union, diesel in Ireland currently averages £1.14/14 (€1.45/lit).
Dublin accounts for the majority of failures, with significant increases in Cork and Galloway.
The president of the Irish Road Haulage Association, Jimmy Quinn, says: "As usual in transport, the trends are experienced six months before they are officially picked up. This time last year, we identified substantial problems."
But he adds that membership levels have not yet been affected: -Our members are slightly up on last year. Next year will tell a tale or two, though."