Canute's turnover drops, but profit up
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C'ANUTE HAULAGE GROUP saw its turnover fall by 8% for the year ending 31 July 2009, but pre-tax profit rose by nearly Dm on the back of cost-cutting measures.
The firm posted a turnover of £62.9m, down from £68.4m the previous year. Pre-tax profit rose from £1.7m in 2008 to £2.8m in 2009.
A directors' statement says Canute looked to weather the recession through strategic diversification, new revenue wins and strict cost control.
During the year, the number of drivers working for Canute fell from 745 to 721.
As a result, wages and salaries dropped from £23,4m in 2008 to £22.2m in 2009.
The company has also set itself several targets for 2010, including increasing market share and improving return on investment by cutting out marginal return operating costs; reducing the cost of operations and improving efficiencies; and entering new markets.