Mansfield’s Bowring Transport saw turnover and profits in its haulage division increase last year, but it cautioned that the group was facing “extremely challenging times”.

Revenue in the division increased by £1.65m to £15.9m in the year ending 31 May 2023, while turnover for the whole group, which also includes the sale and maintenance of agricultural machinery and a metal fabrication service, increased by 8.7% to £54.2m.

Bowring said the increase in revenue within its haulage work was mainly as a result of increased sales prices to maintain margins.

Gross margins were consistent with the previous trading period at 26% and the company said this resulted in an increased gross profit of £284,000.

The group also reported an overall pre-tax profit of £2.2m compared to £2m in 2022.

“Construction, infrastructure and manufacturing industries continue to have great systemic risk moving forward that can be reacted to but not controlled, caused by the wide-ranging supply issues within this industry and the reliance of other industries on workflows,” the company said in a statement signed off by the board.

“The group continues to face the current domestic economic issues of high inflation and much higher interest rates than in the past decade.

“This presents extremely challenging times, however the solid foundations that the business has built over the years and the breadth and nature of our business provides us with a solid platform to remain a profitable going concern for years to come.”

Topics