Turnover at the transport division of Hargreaves Services have risen in the past 12 months, however its profit fell marginally as its tanker division struggled.
Hargreaves Logistics turnover increased by £5.4m from £77.3m to £82.7m for the 12 months ending 31 May. However operating profit fell slightly to £4m, from £4.1m a year ago.
In a statement the firm said: “The bulk fleet exceeded our internal expectations having benefited from higher than normal coal shipments as power stations increased their coal burn and rebuilt coal stocks.”
However the tanker fleet at Hargreaves suffered after its customer PetroPlus, the Swiss fuel supplier, went into administration last year.
However the company believed that the next financial year would see a turnaround in the unit: “By the end of the year the tanker fleet had successfully re-positioned itself and we would expect tankers to deliver a stronger performance in this financial year.”
Chairman Tim Ross described the performance of the division as “solid”.
Earlier this year, Hargreaves Logistics won a two-year contract with Durham County Council to transport household waste, in partnership with SITA UK.
