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Malcolm profits down
8th September 2005, Page 16
8th September 2005
Page 16
Page 16, 8th September 2005
— Malcolm profits down
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Pre-tax profits at road and rail transport group WH Malcolm fell by more than 25% last year to just over £6m.
Chief executive Andrew Malcolm describes the drop as "disappointing" but adds: In our industry today it is still a sound result. You have to look at the whole economy and what is going on in the marketplace."
The Scottish-based group, which has just switched from being a public to a private business, boosted annual turnover by more than E9m to Et 38m, but profits slumped from £8.65m to £6.3m. The workforce grew by 200 to 1,767.
Malcolm says going private has reduced the pressure to grow simply for growth's sake: Our strategy is to only grow where we can sustain growth,"