Steady result for haulage firm Malcolm Group
Logistics and construction services outfit Malcolm Group today said it was 'well positioned to take advantage of new business development opportunities' as it posted 'robust' full-year results.
The Renfrewshire-based business said group turnover came in at £213 million in the year to the end of January, compared to prior year figure of £225.7m. Operating profit before exceptional items totalled just over £9.9m, down from about £10.4m.
Operating performance for the core WH Malcolm business revealed turnover of £200.1m compared with £207.2m the year before, while operating profit before exceptional items amounted to a little over £9.7m, against £10.4m.
Group chief executive Andrew Malcolm said: “During 2017/18, turnover in our logistics division increased and our construction services and waste management division performed well despite lower activity levels.
“The group recorded an operating profit (before exceptional items) of £9.9m, against £10.4m in the previous year, a robust performance in the face of competitive trading conditions in both sectors.
“The group continued its strategy of investment for the medium to long term by adding £17.1m of capital expenditure during the year.”
He added: “Going into the new financial year, results in both the logistics and construction services divisions in the first few months are in line with our expectations.
“With net debt at 31 January at £10.2m compared to £12.1m in the prior year, and after significant capital expenditure noted above, the group remains well positioned to take advantage of new business development opportunities as they arise.”