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Snowie Group makes less from more
Page 15
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SNOWIE GROUP HAS suffered its second successive drop in annual profits, despite a continued rise in turnover.
Three years ago, the Scottishbased logistics to waste management company was booming after being paid £38m by the Government to dispose of animal carcasses during the footand-mouth crisis. But profits fell from £8m to £5.3m in 2002, and to £3.1m in the 12 months to November 2003.
Financial director Euan Snowie says: "Like all businesses we find margins are under pressure from increased fuel and labour costs hut our confidence for future growth can be seen in our continuing programme of capital investment."
In July the company bought the transport assets of Dundas Bros, expanding its 200-strong fleet by nearly 10%.
Snowie says the group is experiencing continued organic growth with turnover jumping from £25m in 2002 to an expected £30m this financial year.
The business began as a family farm in the 1950s; it began diversifying in the early 1980s.