Profit at Fred Sherwood and Sons (Transport) saw a resurgence in the year to 31 March 2015, climbing almost 70%.

The rise marked a significant recovery in the firm’s fortunes since 2014, when it saw pre-tax profit fall by a third.

The haulier’s annual accounts showed pre-tax profit up from £944,077 in 2014 to £1.6m in 2015. Turnover also rose in the same period to £38.6m up from £37.9m in 2014.

In its report pubished at Companies House, the company attributed the increase in profit to its strategy to expand its business via “new options and contracts.”   It added: “This has proved to be a successful approach as the profitability of the company has been maintained year-on-year and is expected to continue or improve.”

The Shepshed, Leicestershire-based company said the strategy was a necessity in the face of “increased competition and changes to the needs of customers (which) results in major contracts not being guaranteed and unless this risk is addressed income in future years could fall.”

The company also invested in its fleet during the period, spending £1.5m on new vehicles and trailers during the year. The report added: “In total over the last three years £9.2m has been spent on the fleet renewal. With this renewed fleet the company is in a strong position to operate successfully going forwards.”

Fred Sherwood & Sons (Transport) incorporates Fred Sherwood (Shepshed), recycling transport firm Bulk Transport (Midlands), grain haulier George Varney (Bulk Services), aggregates firm Bulk Minerals and dry cargo transport firms Kwik Freight and KJ Transport.

It also includes storage division Sherwood Self Store, workshop Sherwood Commercial Vehicle Repair Centre, J23 Lorry Park and vehicle livery and sign writing division Elliott Signs.