Figures still in reverse for Malcolm Group

HAULAGE firm Malcolm Group has suffered a further reversal in sales and profits amid "very challenging conditions".

Annual accounts for the Paisley-headquartered company show group-wide turnover in the year to 31 January fell to 179.2 million, compared with 207.7m in the previous 12 months. That latter figure was already down 7.8 per cent on 2007-8.

Profit before tax, meanwhile, slumped to 2.4m from 5.4m following a 34 per cent slide the year before.

At the group's main operating arm, WH Malcolm, turnover in 2009-10 was down to 165.1m from 195.5m.

Operating profit after goodwill amortisation fell from 8.9m to 7m.

The company, whose distinctive fleet of lorries and rail freight activities have drawn comparisons with Cumbria-based Eddie Stobart, said it had cut group debt to 17.7m from 23.8m a year earlier.

Chief executive Andrew Malcolm described a group operating profit of 6.9m, down from 9m, as a "very creditable performance given the challenging trading conditions experienced during the year".

He added: "Going into 2010, activity levels in the logistics division in the first few months are well ahead of the same period in 2009, which augurs well."