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B&G's second year in the red
Page 9
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CUMBRIAN BULK haulage firm Barnett & Graham has unveiled a second year of losses in its latest accounts.
The Penrith operator blames the losses, revealed in the accounts for the year ending 31 May 2005, on higher fuel and wage costs and warns that its directors "remain cautious about its short-term trading prospects".
The directors add: -While competitive rate increases have recently been obtained from customers, the ongoing high level of fuel costs continues to adversely affect profit margins."
In fact, margins on its gross profit slipped to 5.6% last year. down from 6.6% the year before. despite a rise in turnover of some £75.000 to £6.8m. Administrative expenses also increased.
All this meant that the firm's pre-tax losses worsened from i ,790 in 2004 to £91,121 in 2005.