The Brit European group of companies made its first profit in three years in 2016, newly published accounts show.
In the 12 months to 31 December 2016 pre-tax profit stood at £339,614 compared with a loss of £753,000 a year ago.
Carman (Holdings), whose subsidiaries include Brit European Transport and Silver Arrow Logistics, as well as two continental businesses now in liquidation, said its core areas had “performed well in 2016, although changes to the group’s activities impacted on the results.
“The full positive effect of this adjustment will be felt immediately in 2017 with growing benefit throughout the year”, the company stated in its results.
Turnover was down £8.2m at £32m for the period.
During 2015, the group ceased its Belgian operations and put two subsidiaries – Brit European Transport Belgium NV and Eurolines NV - into liquidation. Included within administrative expenses that year was £394,343 arising from the companies’ closures and the write down of unrecoverable net assets.
The company did not respond to a request for comment.
