Government road projects generating demand within the construction sector helped Bowring Transport perform strongly last year, according to its latest annual results.
In the year to 31 May 2016, the Mansfield, Nottinghamshire-based firm said that despite “a modest decline” in turnover to £12.2m (2015: £12.6m) and in pre-tax profit to £1.6m (2015: £1.68m), the haulage division “exceeded expectations” in the period.
Bowring Transport attributed the division’s performance to “significant demand” for haulage services driven by “substantial capital spending” on local and national infrastructure projects and in construction.
It added that this performance was underpinned by the firm’s continuous investment in expanding and upgrading its fleet in the period.
The family firm, which has combined O-licences for 92 trucks and 207 trailers, offers a range of services including heavy haulage for construction and agriculture, landfill and aggregates.
Looking ahead the company predicted “robust demand” for its haulage services, given the “continuing optimism” that the economy will remain buoyant in 2016/17.
Speaking to Motortransport.co.uk, MD David Bowring said the annual results reflected an exceptionally strong year during which the firm was employed on a number of major roads projects for Highways England and Sheffield City Council. He added that low fuel costs and a shortage of tippers in the region also helped boost business.
“In all my 45 years in the business I’d never known it so good. This year is another good year for us but the last (financial) year was exceptional.”
He added: “Everything is ticking over nicely this year although Brexit does seem to have slowed the market. People just need to show some confidence and get on with it.”
Bowring also called for insurers to be more flexible when insuring younger drivers. “We run a training school and we are a firm that likes to invest in young people but the excess for young drivers makes it nearly impossible to employ them. Something needs to be done.”