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Boardall warns of tough times ahead
Page 9
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REED BOARDALL Cold Storage, one of the UK's largest temperature-controlled food-distribution firms, increased its turnover by more than Elm last year but its profits fell I I % to£3.2m.
The Boroughbridge, North Yorks-based firm, which distributes more than 5,0(X) products to supermarkets and runs several cold stores, still managed to produce a healthy profit margin of almost 9% for the period ending 31 March 2005.
Short-term debt increased from £5.6m to £.6.1m but long-term debt fell by more than £Imto £7.7m.
The increased turnover came from cold storage and transport activities rather than vehicle servicing. where prolits fell by £42,0(X).
Group MD Keith Boardall blames the decrease in profits on fuel prices and an inability to pass costs on via the food industry. "Considering the difficult market conditions, our results are holding up well," he says." But we believe the situation will become increasingly difficult."
The group includes Reed BoardallTransport,which employs 298 drivers. It fared worse than its ultimate parent company, making a pre-tax loss of almost £360,000 during the period.