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Maritime predicts dramatic profit fall
24th September 2009, Page 7
24th September 2009
Page 7
Page 7, 24th September 2009
— Maritime predicts dramatic profit fall
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Keywords :
Business Cycle, Felixstowe, River Orwell, Recession, Turnover, Profit, Business / Finance
CONTA IN F.R HAULIER Maritime Transport says it expects a dramatic reduction in profit in 2009 because of the "catastrophic effects of the recession".
While turnover rose at the Felixstowe company for the year to December 2008 to £85.5m, up 25% from £68.5m in 2007, pre-tax profit fell to 0.9m last year, from £4.2m in the previous 12-month period.
The company implemented cost-saving initiatives last year, and used cash to settle financial arrangements to eliminate interest charges
Managing director John Williams tells CM: "The second half, and, in particular, the last quarter suffered from the effects of the global recession, which resulted in a deterioration in volumes and a significant reduction in transport rates.
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John Williams