Maritime profits up 16% in 2019 as turnover soars

Maritime Transport saw increases in its turnover and profits last year as it continued on its decade-long growth.

The Suffolk logistics giant added another £24m to its revenues in the year ending 27 December 2019, bringing full-year turnover to £329m.

Pre-tax profit increased by 16% to £9.4m.

In its strategic report the company, which employed more than 2,100 drivers during the period, said turnover had now doubled in the last five years and reflected its “commitment to expanding into the distribution sector and we have seen significant expansion particularly in the food sector.

“Growth came from all aspects of the business and maintains the spread of quality customers in differing segments of the transport sector.”

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In March 2019, Maritime commenced an intermodal division and the company said a number of dedicated, Maritime-liveried rail services now run from the ports to inland terminals: “In addition, the business now has a network of rail terminals throughout the country extending the offering to customers,” it said.

“This strategic development will help reduce road congestion, lower carbon footprint and assist with the shortage of HGV drivers in the marketplace.”

It added that in common with many global companies, Covid-19 represented a risk to the business in terms of business interruption, cash flow and bad debts, but that the directors had taken steps to mitigate these risks.

Earlier this month, Wincanton said it had signed a conditional agreement to dispose of the operations of its container business to Maritime for around £1.5m.

Under the deal, all employees and assets will be transferred to Maritime, who will continue to work with Wincanton as a strategic partner.