Fred Sherwood & Sons saw profits soar by more than 80% to £1.4m last year, new figures have revealed.

The Shepshed, Leicestershire headquartered haulier also saw its turnover increase by 19.5% to £40.8m in the year ending 31 March 2023, compared to £34.1m in 2022.

Gross profit margin increased to 6.5% during the period.

The company, which holds operator licences in four traffic areas and can trace its roots back to the 1920s, said it had continued to invest heavily in its fleet during the year, with £4.5m spent on its fleet of lorries and trailers.

It added that the results meant net assets had increased by £262,000 to £11m after payments of dividends to the holding company.

“The company is focused on investing in driver training and technology to achieve efficiencies, reduce the risk of incidents and reduce its environmental impact,” it said.

“The directors are mindful of these responsibilities and are pleased with the progress made during the year in these areas.”