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High cost of Rover collapse
Page 7
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THE COLLAPSE of car manufacturer MG Rover wiped off almost £250,000 from Worcester firm TM Logistics' profits for the year ending 30 June 2005.The firm, part of the Taylors of Martley group, had been managing MG Rover's distribution centre at Longbridge as well as sequencing and delivering parts to the factory.
However, MG Rover's failure has left TM Logistics with a bill of £234,837, which includes a bad debt and the cost of 40 redundancies. This, coupled with the separate cost of restructuring its senior management team, has left it £386,908 worse off, slashing pretax profits to just £71,764.
The accounts at Companies House seem to show a rise in turnover of 25% to almost £30m, but the firm is at pains to play this down.
Because TM Logistics was created by combining Taylors of Martley Haulage and D Taylor Warehousing in March 2004 the revenue from the warehousing business is now included within TM Logistics' accounts.
In 2004TM Logistics had traded for only three months as a complete entity so most of the turnover was from the haulage business alone.The company says when this is taken into account the figures are a 7.6% rise in turnover and a 4.4% rise in operating profits, excluding the exceptional items.
Grah am Taylor, executive director at TM Logistics. says the lirm is looking to the future:"We hope to grow the business over a five year period — our target is turnover of £60m by 2010. This should come from both organic growth from our current customers, and aggressive marketing and business development into new sectors."