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Malcolm Group reports turnover rise after MBO
Page 16
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It has been a year of growth for one of Scotland's leading logistics firms following a management buyout in
2005. David Harris reports.
SCOTTISH LOGISTICS and construction services operator Malcolm Group has reported a substantial j ump in turnover and profits in the first year since it was taken off the stock market by owners Andrew and Walter Malcolm.
Turnover was up 17% in the year to 31 January (to £162.2m from £138.4m in 2(X)5), with operating profit up 8.5% to £10.3m before exceptional items. However, the group has only published headline financial figures and not produced a profit and loss account due to complications with the restructuring.
Chief executive Andrew Malcolm says: "It was not an easy decision to take the business back into private hands, but it was the right decision. Both our divisions showed an increase in activity levels.This was principally as a result of additional business with existing customers — complemented by some new business wins."
Malcolm adds the group is faced with industry-wide challenges, especially the rising price of diesel. He says profit margins have narrowed even though "additional volumes have ensured a rise in operating profit in absolute terms".