Client Loss hits Massey Wilcox
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MASSEY WILCOX has blamed the exit of a malor customer combined with the effects of the economic downturn for an increased loss and a dip in turnover.
Pre-tax loss for the Chilcompton, Avonbased haulier for the year to 31 May 2009 was £414,548, compared with a loss of £28,355 in 2008.
Turnover fell 18.2% to E9m from £11m last year In 2008, the haulage company lost a contract with a customer in the paper industry, for whom it had
run a rail, warehousing and distribution service from Avonmouth, Bristol, far six years. Massey Wilcox MD Robert Wilcox says. "This obviously left us with quite a hole to fill at Avonmouth, which at the time was viewed as a challenge but not a problem.
"However, the recession that rapidly followed [this] meant success in identifying and winning new business with reasonable margins was not achieved as quickly as we would have liked.
1 am pleased to say the site is filling and contributing to the overall business, but at a cost that is shown in our results,"
Wilcox tells CM that results for 2010 and 2011 will show "a positive return to profit" as well as 'increased turnover".