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Turnover rises at Saints as 2004 profits fall
Page 10
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A FLEET upgrade and escalating costs have combined to erode 2004 profits at Berkshirebased Saints Transport.
Full-year results for the airfreight specialist show pre-tax profits for the 12 months to 31 December 2004 were £230,000, down from £831,000 in 2003.
Operating profits also dipped, from El m in 2003 to £475,000. However, turnover rose to £17.9m; up from £15.9m the previous year.
Chief executive Steve Beeches explains that the Working Time Directive has forced the company to take on new drivers to service the same amount of business.
Along with the escalating cost of fuel, the £4m fleet upgrade has also affected the results. The company runs 230 trucks, about which are under two years old. Beeches reports: "We have invested heavily in our fleet. Volumes are very buoyant at the moment, but margins are under pressure."
A major focus for the firm in the forthcoming year will be recruiting more drivers, Beeches adds: We are at bursting point and will need more drivers, for which we pay premium rates."
Saints Transport's clients include American Airlines, BA and Lufthansa; the company has just won an air-freight contract with Exel. The company employs 400 staff at five UK sites.