David Hathaway Transport increased profits by more than 52% before it was acquired by Kinaxia last year, recently published results show.

The Bristol-based transport, storage and haulage contractor made a pre-tax profit of £688,000 in the year ending 31 May 2019, compared with £451,000 the year before.

Turnover also rose by 11% to £15.6m during the period.

The company said the increase in sales revenues was due in the main to new business in its existing customer base.

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In its business review, the company said its top five customers accounted for around 36% of its turnover and so the loss of any one of these could have a significant impact on business.

However, it added: “Conversely, given the continuing support of the customers and good quality of customer service the business continues to deliver, many of the customers would be reluctant to move their business purely for price.”

David Hathaway Transport was wholly controlled by David Hathaway Holdings, which also has a property rental and motorcycle transport arm, until the holding business was acquired by Kinaxia in April 2019.

At the time, David Hathaway Transport MD Matthew Hathaway said that with his father looking to retire, the decision to join Kinaxia group was a “natural decision” for the business.