Turnover up but profits down as rising fuel costs hit Fagan & Whalley hard
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BURNLEY-BASED national and international haulage contractors Fagan &Whalley took a 37% hit in pre-tax profits last year, despite increasing its annual turnover by almost 8%.
During the financial year ended 30 April 2006 the company made a pre-tax profit of £569,741, compared with £908,801 in the previous year The company's senior executives, who include commercial director Stephen Fagan, describe its financial report as "consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face."
The company blames the 27% drop in gross profit to £2m, on the rising cost of fuel, Its business review of the latest set of accounts concludes: The business environment in which we operate continues to be challenging, but we are confident that sustained growth and increased profitability can be achieved."
During the financial year Fagan & Whalley increased staffing levels, mainly in distribution, from 129 to 138.