Fagan & Whalley revealed strong growth in both group turnover and profit in its latest financial results, including a healthy contribution from its joint venture with Farrall’s Transport.
The Lancashire operator posted a group turnover (minus joint venture revenue) for the year ended April 2014 of £22.3m, up 13.5% on the previous year’s £19.6m; pre-tax profit stood at £1.27m, up 41% on 2013’s figure of £904,000. The company's pre-tax profit margin was 5.72%.
Revenue generated from its FF&W joint venture stood at £3.66m.
Fagan & Whalley and Chester-based Farrall’s Transport launched the FF&W partnership four years ago. The two firms worked together transporting glass fibre roof insulation and rock mineral wool cavity insulation for construction materials firm Knauf Insulation. However, after securing a further contract to manage the transport of cladding products from Knauf’s Cwmbran production facilities, the Palletforce network founder members decided to launch their joint-venture into the wider market in February last year.
Under the new structure, FF&W can manage contracts for clients utilising the combined assets of both operators, which totals some 200 vehicles, 500 trailers and 50,000m² of warehousing.
Stephen Fagan, MD of Fagan & Whalley, said: "We are pleased with our results which reinforce our position for continued investment in people, facilities and equipment."
In September 2013, Fagan & Whalley Holdings Ltd acquired the entire share capital of Fagan & Whalley Ltd in an eight for one share exchange as part of a group reorganisation.
