CM Downton achieved a record turnover in the year it was acquired by EmergeVest for £75m, although costs associated with the deal weighed on the firm’s annual profit.
In the year to 30 June 2018, turnover increased 9% to £127.3m (2017: £116.8m) accounts filed at Companies House show.
An increase in administrative costs connected to March’s sale to EmergeVest resulted in pre-tax profit for the period standing 45% lower at £2.8m (2017: £5.1m).
Recently installed MD Duncan Eyre told motortransport.co.uk: “I’m pleased to report CM Downton delivered record revenues during the financial year ending June 2018, driven by new contract wins and business growth from our existing customer portfolio.
“Underlying profits continued to remain strong and in line with previous years, however, the reduction in pre-tax profit reflects the one-off costs that were related to the sale of the business during that financial year.”
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He added that with the backing of EV Cargo – which was recently incorporated and is ultimately owned by EmergeVest – “we are confident of further growth and delivering added value to our customers”.
CM Downton is also adding 60 new DAF XF 480 FTG tractor units supplied by Imperial Commercials in Gloucester to its fleet in the coming months as part of a £5m investment.
Twenty units hit the road today (1 March) with an additional 40 trucks set for delivery during March and April.
The operator is also refreshing its trailer fleet by adding 100 new Tiger Trailers curtainsiders emblazoned with the firm’s traditional colours but also including EV Cargo dual branding.
