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P FINANCIAL RESULTS
Page 16
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Leggett's confident of future
LEGGETT'S TRANSPORT has reported a fall in profit and turnover, but remains confident about future growth prospects.
Operating losses for the year to June 2007 at the Bury St Edmunds-based company increased to £30,079 in 2007, from £986 in 2006.
Pre-tax losses also increased, to £190,528 last year, up from £106,423 in the previous 12-month period. Turnover dropped to £11.1m in 2007, down from £12.5m in 2006.
Leggett's says that due to the removal of "nonprofitable work" from its portfolio, it achieved "good levels of profit" for the first quarter of 2007/08.
The company's financial report says: "The directors feel this has been a period of consolidation, and as non-profitable work has been substantially reduced and administrative costs have fallen, look forward to improved performance in the coming year".
Leggett's adds that having consolidated and focused on its more prof [table work, it is now targeting growth of 15% per annum over the next three years and 20% per year after that.
The report adds that further additions to the company's vehicle fleet are planned.
• Business Post has revealed a 16% turnover increase ahead of its interim results, with new contracts driving the distribution firm forward.
In its pre-close period trading update for the financial-half year to 30 September, the group said turnover had risen 16% compared to the same period in 2007.
Performance was in line with the board's financial predictions given at the annual general meeting on 9 July.
The UK Mail division of the business achieved growth through contract wins, and the specialist distribution services arm also gained new customers.