R Swain & Sons delivers turnover hike and profit growth

R Swain & Sons defied “considerable” customer and competitor pressure to deliver a 10% rise in turnover last year, according to the firm’s latest annual results.

Publishing its accounts for the 12 months to 31 December 2016, the Kent-based group revealed a rise in turnover to £45.9m (2015: £41.5m) with pre-tax profit increasing to £2.8m (2015: £ 2.7m).

The company spent £1.5m on acquisitions in the period, including the purchase of Derby-based Jeffrey’s Haulage for an undisclosed sum in July.

In the strategic report to the annual results the company said: “Turnover has risen 10% in a year where there was considerable pressure from customers on rates and from other hauliers pursuing work.”

The report said profit margins were maintained “by attention to detail in traffic management”, which it credited to the quality of its staff.

It added that the company was committing to further investment in its fleet going forward to ensure its vehicles meet increasing demand for cleaner and more efficient vehicles.

Income from its joint venture with Partnerlink, in which it has a 12% holding, more than halved in the period to £14,849 (2015: £30,088). However its membership of Harlequin Logistics, in which it has a 10% share, rose to £47,276 (2015: £41,900) in the year.

R Swain's purchase of Jeffrey’s Haulage saw the company add 32 tractor units, 60 trailers and four 18-tonne rigids, along with a 16.5 acre site in Woodville.

R Swain was approached for comment but had not responded as this article was published.