Bridgend-based John Raymond Transport has returned to profit for the first time since being acquired by Irish haulier Nolan Transport almost two years ago.

Reporting its annual results to 30 September 2017 the Harlequin Logistics network founder-member revealed that whilst turnover fell 2.7% to £17.4m (2016: £17.9m), pre-tax profit rose to £89,112 compared with a loss of £91,798 in 2016.

However the Welsh firm, which has sites in Bridgend, Cannock and Swindon and also operates from six Nolan Transport sites in the UK, France and Ireland, still faces challenges. The results revealed that while it had net assets of £230,448 at 30 September 2017, it had net current liabilities of £1.7m at the balance sheet date.

The results also revealed the departure of MD Paul Johns in June this year. Johns had remained at the firm’s helm following its acquisition by Nolan Transport in September 2016. The firm’s remaining director is Oliver Nolan.

While the lion’s share of the firm’s turnover remains in haulage, its latest accounts revealed that turnover from subcontracting rose from £27,583 in 2016 to £420,158 in 2017. General haulage comprised £16.6m of turnover (2016: £17.3m) Storage and handling turnover increased in the period to £695,279 (2016: £534,600).

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The total number of staff at the firm, which is authorised to run up to 195 trucks and 735 trailers, fell from 203 to 192 in the period.

The company said it had conducted a full business review following the acquisition, which had resulted in the firm handing back trucks held under a contract lease, re-negotiating rates on certain contracts and introducing a strategy to acquire new customers in different sectors.

Whilst the company acknowledged that the disparity between its net assets and net current liabilities meant it still faces challenges, it said that its acquisition by Nolan Transport and the changes brought following the review of the business the board remained confident in the John Raymond Transport’s future profitability.

Neither Nolan Transport nor John Raymond Transport were available for comment.