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From Om loss to £2.1 m profit in one year
Page 12
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The loss of two contracts threw Lloyd Fraser into the red — but within a year it bounced back into the black. Chris Tindall reports.
THIRD-PARTY logistics specialist Lloyd Fraser bounced back from a pre-tax loss of more than £2m in 2005 to make profits of £2.1m last year.
The group is involved in the warehousing, home delivery, food and bulk liquid distribution sectors; spokesman Mike Dennis says the loss in 2005 was caused by two clients going into receivership.
Joint managing director David Bincliffe described initial forecasts for continued profitability as "encouraging".
Turnover during 2006 fell 3.3% to £82.3m and staff levels were reduced to 1,413 including 1,143 warehouse workers and drivers — this was down from 1,521 in 2005 following the loss of the two contracts.
Dennis adds:"Last year's results were a bit of a freak. In essence, we had two clients that went into administration. We knew that they were in trouble and we offered generous credit terms.
-Those results were due to the loss of those contracts."
The group will now focus on its current business sectors and continue developing added-value services for existing clients.
Lloyd Fraser was recently awarded the Environmentally Conscious Company of the Year 2006 by the Institute of Transport Management.