Abbey Logistics reports record annual revenues and predicts further growth

Abbey Logistics Group said it had seen an almost 5% increase in its annual revenues to £67.5m - the highest in the tanker company’s history.

It said EBITDA for the year to June 2022 was £7.4m, down slightly on the previous year due to driver availability issues, as well as soaring fuel costs.

The company said it responded to the skills shortage by boosting pay and investing in measures to support recruitment, training and retention.

This had an impact on profitability until the costs were recovered from customers, but Abbey said the situation had now been rectified.

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“After normalising for these events, Abbey considers underlying EBITDA to be closer to £8.4m, which is in line with prior year and this has been borne out by the strong trading performance seen in the first quarter of the new financial year,” it said in a statement.

Matthew Male, Abbey Logistics finance director, said: “The business was quick to understand and react to challenges as they arose.

“Whilst our profits are slightly lower than the prior year, the actions taken led to an improved financial performance in the second half of the period, and this has continued into the new financial year.”

Chairman Steve Granite said the company had outperformed forecasts during the first quarter of the new financial year: “Furthermore, annualised revenues have now grown to beyond £70m and I am confident that the business will continue on its growth path,” he added.