Erith Haulage Company saw its turnover increase by 4.2% last year, but pre-tax profits halved as it traded in a “highly competitive” market.

The Kent-based civil engineering and demolition haulier said the increase in turnover from £21.3m in 2021 to £22.2m in the year ending 30 September 2022 was mainly due to the increase in the type of works carried out for sister firm Erith Contractors and external parties.

Pre-tax profit slid to £580,000 from £1.2m in 2021 and the company said the decrease in gross profit margins from 14.7% to 10.7% reflected “an absorption of cost and cost efficiency practices”.

In a review of the business Erith Haulage said: “The market for haulage remains highly competitive, with both smaller businesses fostering strong local reputations and larger plcs competing on price.

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“The company seeks to maintain its history of strong growth by competing aggressively on price while providing added value to its customers.

“It is anticipated that as the reputation of the business continues to grow this will foster further opportunities for the business in the future.

“The company is also able to maintain strong relationships at a local level with all its customers and suppliers.”