CM Downton enjoyed a successful first full trading year since being acquired by EmergeVest, with profits growing by more than 90%.

Latest financial results for the Gloucestershire headquartered logistics firm show that for the year ending 30 June 2019, it made a pre-tax profit of £2.17m – a significant increase from 2018’s £1.14m.

Turnover grew by 4.8% to £117.46m.

In its review of the business, the company said the growth in revenues was driven by new contract wins, growth of the business from the existing customer portfolio and contract renewals by several major customers and described the performance as “encouraging”.

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It added: “The net asset position has increased by £1.54m or 5.47% over the previous year and the directors consider the financial position of the company to be very satisfactory.”

Zac Brown, CM Downton MD, said: “Results for the financial year to June 2019 have benefitted from cost reduction and operational efficiencies as part of a successful first year under the ownership of EmergeVest.

“Turnover increased due to a number of contract extensions and new business wins.”

In 2018, Palletforce and NFT Distribution owner EmergeVest bought CM Downton for £75m.