Birds Groupage Services' auditor has raised concerns over the future of the loss-making company.
Auditor RSM Northern Ireland's concerns were raised in the operator's latest abbreviated annual results to 30 September 2015.
Despite parent company Ballyvesey Holdings' waiver of a £4m intercompany loan in the period, the haulier made a loss of £22,109. This was an improvement compared with pre-tax losses of £211,000 and £397,000 in 2014 and 2013 respectively.
Annual turnover was not published.
The directors said they were “disappointed” with the results. They noted that Birds had “strived to rationalise the extra turnover it has achieved in the year with the existing structure”, had made all the “critical appointments” to the management team” invested £5.7m in new trucks and trailers and was “on the right path”.
However they warned Birds continues to face a “challenging” business environment with “strong competition” and an ongoing driver shortage.
The results said the company had made efforts “to increase efficiencies, reduce overheads, increase gross margins and identify new business opportunities”.
However RSM Northern Ireland said in the results: “In forming our opinion we have considered the adequacy of the disclosures concerning the company’s ability to continue as a going concern.
"These conditions indicate the possible existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern.”
Birds annual post-tax loss for 2015 was £805,126 compared with a loss of £157,961 in 2014.
Birds Groupage Services was unavailable for comment.
