Turners (Soham) reports jump in 2019 profits following acquisitions

Turners (Soham) saw revenues and profits increase in 2019, according to its most recent financial results.

Turnover for the year ending 28 December 2019 rose by 8.3% to £442m and pre-tax profit increased by 12.7% to £36.9m.

During the trading period, the company was hard on the acquisition trail, acquiring 65% of Fakenham general haulier Jack Richards Holdings, 100% of Quantum Logistics and 30% of building materials operator Dowse Haulage.

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• Turners (Soham) snaps up Jack Richards & Son to enter general haulage market
• Turners (Soham) takes delivery of 800th DAF FTP mid-lift tractor
• Turners (Soham) takes 30% stake in Dowse Haulage, cementing partnership

At the end of 2019, the expanded group employed 4,248 staff and was operating 2,170 HGVs.

Its review of the business referred to the competitive nature of haulage and rising operating costs, which placed pressure on margins: “The ongoing need to control costs and increase efficiency continues,” it added. “We believe the group is well placed to meet its challenges and to continue its successful development in the future.”

Turners was unable to comment as we went to press, although it pointed towards comments made by MD Paul Day to Motor Transport in June 2020, who said work in most of the sectors it operated within remained at pre-Covid levels.

Around 10% of its workforce had been furloughed.