John Hackling (Transport) saw pre-tax profit fall 45% last year, according to its latest annual results.

The results for the year to 30 September 2015 posted at Companies House, show that despite a rise in turnover to £13.8m (2014: £13.1m), pre-tax profits fell to £737,054 (2014: £1.03m).

John Hackling, which specialises in distribution, warehousing and storage, saw cost of sales in the period rise from £9.8m to £10.8m with administrative expenses also increasing to £3.1m (2014: £2.5m).

In February 2015 the company, which is one of the founding members of the Palletline and the Hazchem Network, expanded into Swindon, taking premises at the Groundwell Industrial Estate.

Hackling also owns the majority of the Bourton-on-the-Water Industrial Estate near Cheltenham, where the company has its headquarters.

The directors' report said “the business has performed in line with expectations during the year and the financial position at the year end is satisfactory”, adding that forecasts for the year ahead indicate the company will continue to trade profitably.

The directors were unavailable for comment as went to press.