Lloyd Fraser shrugs off Covid challenge to increase profits

Lloyd Fraser Holdings said it had overcome significant operational challenges created by Covid-19, with demand for services in fashion transport particularly disrupted due to the lockdowns.

In its most up-to-date set of accounts, for the year ending 29 February 2020, the Rugby-based 3PL said demand for its services in the milk sector had not been adversely impacted and it remained trading in line with budget.

In addition, it said that it had managed its costs and, as a result, it continued to report a profit during 2020: “Our experience over the past nine months leads us to be confident that the ongoing disruption arising from Covid-19 on the group can be managed effectively and the group will continue to operate profitably,” it added.

Revenue during the period increased by 14% to £46.5m, with pre-tax profits rising significantly to £1.4m, compared to £594,000 the year before.

In its accounts, the group said: “A large element of the group’s operations relate to providing services to the supply chain of milk, which is in the essential food sector and the group has remained profitable and cash generative throughout the period from the outbreak of the virus.

“It is an uncertain time and the directors have considered scenarios in light of Covid-19 which take account of possible changes in trading performance and show that the group is expected to continue to generate profits and generate cash.”

The company did not respond.