Ballyvesey Holdings saw a fourfold profits fall in 2019 in what the company described as a “difficult” year in an intensely competitive market.

In its latest financial results to 30 September 2019, the privately owned logistics giant, which owns Montgomery Transport, Montracon Trailers and a number of truck and heavy plant dealerships, recorded a pre-tax profit of £1m for the period - down from £4.4m on the previous year - despite a 21.6% increase in turnover to £754m.

In its strategic report to the results, the company, which has its headquarters in County Antrim in Northern Ireland, said it had experienced “a difficult trading year for certain divisions within the group” in what it described as an “extremely" competitive market with “intense” rivalry from local, national and international operators.

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Despite these headwinds the company continued to add to its stable of subsidiaries with the purchase of fuel haulier Morrey Oils for an undisclosed sum and the assets of recruitment firm Clemence Rogers for £10,000.

Established in 1970, Ballyvesey Holdings has multiple trading subsidiaries covering transport and logistics, truck sales and aftermarket support, trailer manufacturing and spare parts sales, transport industry services, construction equipment sales and service and more recently property development, management and investment.

In response to the Covid-19 pandemic the company, which employs 2,500 staff, said it has closed down a number of its sites including its truck, van and plant showrooms and Montracon, its trailer manufacturing business, as well as furloughing some staff.

The strategic report said the company has also used the VAT deferral scheme and is hopeful of receiving further government and banking financial support, adding that the directors are confident the group will remain a going concern.

Ballyvesey has yet to respond to for a request for comment.