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Hanbury doubles profits
Page 8
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Despite a difficult year, Felixstowe haulage firm Hanbury Davies has enjoyed "encouraging" financial results. Dominic Perry reports.
CONTAINER HAULAGE and distribution firm Hanbury Davies has overcome what it describes as a "challenging year" and boosted turnover and profits.
It points to several factors making trading difficult, including rising fuel costs, the working time directive, driver shortages and an across-the-hoard fall in volumes.
Despite this, the firm managed to boost turnover by 5% to £.52m for the year ending 1 April 2006. However, its accounts note a slight disparity between the stated figure and the actual percentage rise because they are for three firms that have been amalgamated since last year's accounts, which show a turnover of £37m. "If you take into account the turnovers of the businesses transferred in, then the growth is only 5 %, but even at this level it is encouraging given the falling volumes,says the firm.
Pre-tax profits grew to £2.4m , up from £1.2m in 2005.
The directors' report adds: "Early signs in the forthcoming year are of a slight increase in volumes and we're confident that the forthcoming year will once again produce similar margins."
It also says it intends to expand the distribution side of the business in the coming year. MD Ian Wilson says: -Container transport is a mature but growing sector; that business is tending to go through significant consolidation.
"However, in terms of the domestic distribution market there are still opportunities, albeit that pricing issues make that side of the business more competitive.
-There are still opportunities and we see ourselves as being able to grab some of that."