Bridgend-based John Raymond Transport has endured a tough period but parent company Nolan Transport believes the required changes have now been made to return the haulier to health.
Nolan Transport purchased John Raymond Transport in September 2016, with John Raymond stepping down from the board at that time to be replaced by Oliver Nolan. The Welsh firm’s other director remains Paul Johns.
Having effectively broken even in 2014, the haulier made a pre-tax loss of £703,237 in 2015 but newly published accounts for the year ended 30 September 2016 reveal its pre-tax loss had been trimmed to £91,798.
Turnover, which was £21m in 2014, fell to £20m in 2015 and dropped a further 10% on a year-on-year basis to £17.9m in 2016.
The latest accounts show that the firm’s operating loss has been reduced significantly from £406,654 in 2015 to just £2,053 in 2016.
The haulier employed an average of more than 200 people in the year to 30 September 2016.
In the strategic report to the accounts, director Nolan said a business review of John Raymond Transport had been conducted since purchase.
This had seen a number trucks on contract lease handed back and the review of certain contracts in regards rate renegotiation. The haulier has also looked to move into other sectors and attract new customers, the statement said.
“Whilst the environment is difficult, the directors are confident the company will return to profitability,” Nolan said in the report.
The latest accounts also include an exceptional item valued at £210,613, although no more detail was available.
No one was avilable to comment as this article was published.