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Whitehead into the red
Page 9
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HAULAGE AND distribution operator PF Whitehead plunged more than £100.000 into the red in the year to July 2005 following a sharp increase in payments to its directors.
They received £340,795 in dividends, bonuses and pensions, compared with £83,223 the previous financial year.
Pre-tax profit was a healthy £208,144 in 2004/5. but operations director Peter Whitehead says last year was still the right time to take money out of the business: "We wouldn't be making those sort of payments if the business wasn't as strong as it is."
The pace of expansion at Whitehead is underlined by a 42% jump in its workforce and a Elm increase in its wage bill.
Whitehead, who is son of founder and managing director Peter Whitehead, says profits from several new contracts are not reflected in these results.
He adds that a consolidation centre for delivering goods into London shops is one idea being explored by the company: "Discussions are at an early stage; it's something for the long course."
The firm's contracts include home deliveries and distribution for retailers B&Q and Ikea.