P RESULTS
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WH Malcolm's Logistics arm gets back on track for 2010
WH MALCOLM SAYS activity levels within its logistics division during the beginning of 2010 were "well ahead of the same period in 2009" a year where turnover fell by 15%.
The Scottish haulier adds that this turnaround "augurs well", but that its construction services division continues to struggle in the current economic environment.
Its latest set of accounts for the year ended 31 January 2010 show that turnover fell by more than £30m to £165m, with pre-tax profit down 27% to £5.3m.
The company's net assets also reduced by £4.2m to £14m. due to a E3m increase in pension liabilities, offset by profit after tax and a £1 .6m dividend.
It adds that redundancies were also made during the period within its construction operation. However, there appears to be optimism among the directors that the worst of the recession is now over, at least for its haulage operation.
A statement from director Andrew Malcolm adds: "Our logistics division enjoyed high activity levels during the year, while our construction services division understandably recorded lower activity levels reflecting the downturn in that sector as a whole."