Erith Haulage turnover slumps as construction industry suffers
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joanna.bourkefarbi.co.uk
KENT-BASED business Erith Haulage Company has suffered a 440/ slump in turnover to £17.5m from £31.5m, coupled with a pre-tax loss of £631,475 for the year to 30 September 2009, but reveals the fall was no surprise.
Part of the Frith Group of companies, which primarily service the construction sector, the firm's directors' report states that the drop in turnover was due to "a combination of decreased growth within its existing business, along with a decreased demand from its fellow subsidiary Erith Contrac
tors, and a general decrease in demand from the market".
In 2008, Erith Haulage reported a pre-tax profit of £41'7,251. Company directors say they are satisfied with the results because they are in line with forecasts.
However, the firm says that it has now put a cost-reduction programme into action, and improved working methods to return to profitability.
"Haulage remains highly competi Live, with smaller businesses fostering strong local reputations and larger PLCs competing on price," the report states,
It adds: -The company seeks to maintain its history of strong growth by competing aggressively on price while providing added value to its customers,"
No-one from Erith was available to comment on the figure