Covid-19 pandemic pushes Fred Sherwood & Sons into profit fall

Fred Sherwood & Sons (Transport) saw revenues and profit fall last year as it continued to battle the impact of the Covid-19 pandemic on its business.

The Leicestershire family firm’s latest annual accounts, for the year ending 31 March 2021, saw revenue dip 2.3% to £33.8m, whilst pre-tax profits fell by 2.6% to £742,000 (2020: £762,000).

During the year the company, which employs around 40 staff, also saw properties valued at £3m transferred to the parent company, Fred Sherwood group by way of a dividend in specie. Net assets fell to by £2.9m to £10.8m, after payment of dividends to the holding company.

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In its review of the business the company said that trade had been impacted by the ongoing pandemic. It added: “However the company has continued to provide haulier services throughout the pandemic and during the national lockdowns, resulting in a strong performance again this year.”

The company added that it is focusing on driver training and technology to increase efficiencies, reduce the risk of incidents and reduce its environmental impact, adding that the directors are “pleased” with the progress made in the year in these areas.

A request for comment has yet to receive a response.