Knights of Old remains on the hunt for more acquisitions after turnover jumped during the first full year of trading following its integration of the Mainland Group.

In its financial statement for the year ending 31 May 2013, Knights revealed a 38% increase in turnover to £44.3m (2012: £32.1m), which the directors said mainly reflected its merger with Northampton-based operator in December 2011.

Pre-tax profit, however, fell by 37% to £1.6m, down from £2.7m in the previous year.

The directors said they expect to see a significant contribution to both sales and gross profit margin this year from the acquisition of west Sussex-based AE Parker Warehousing and Distribution in April 2013.

Knights is also actively looking for more acquisition opportunities, the directors revealed.

"The Board have full confidence in the achievement of continued growth and increased profitability during the current financial year," they said.

Knights spent £1.6m on renewing and expanding its fleet during the 2012-13 financial year. This included several Ivecos, including a Stralis Hi-Way, five Stralis Hi-Roads and 13 Iveco Eurocargos ranging from 7.5-tonne up to 18-tonne GVW.

Knights of Old recently partnered with German firm Transland Spedition.