Bradford-based Expect Distribution boosted its pre-tax profit in 2021 with “significant” new contact wins contributing to growth, according to its latest annual results.
The annual results come in the same month new MD Matthew Kilner and operations director Andy Taylor officially take over Expect Distribution from founding chairman Robert Rushworth and former MD Neil Rushworth, following the management buyout of the £40m turnover business earlier this year.
Expect Distribution employs over 360 employees and operates a 140-strong fleet. It has three warehousing sites in West Yorkshire, which provide 70,000 pallet spaces.
Clients include fast moving consumer goods brands Boost Drinks and Astonish, national retail chain Card Factory as well as customers in the pharmaceuticals, construction, automotive and office furniture.
The company’s latest annual results to the year to 30 November 2021, published last week, reveal that Expect Distribution delivered £40.6m in turnover (2020: £32.8m) and a pre-tax profit of £7.5m (2020: £3m).
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The year saw the Bradford-based firm stick to its strategy of focusing on the contract logistics and warehousing divisions which saw it land “significant new contract wins” with contracted business continuing to be the company’s “significant growth area,” the strategic report to the results noted.
It added: “In a year of difficult trading conditions to retain a net profit margin of 9% year on year is deemed a success by the board.”
This year the company’s strategy is to continue to focus on long term partnerships with new and existing customers whilst investing heavily in the workforce that enables our day to day success,” the report said.
It warned that economic uncertainty is likely to bring challenges but added that the directors are “confident that we have the strength to navigate through and continue with the path of positive growth within the business.”
Expect Distribution’s managing director Matthew Kilner told MT: “We are on track for 15% cent headline growth in revenue. Margins have been maintained, despite tough trading conditions. And this new business is coming from growth with existing customers and new contracts.”
