Knowles Transport in record year of investment after profits surge

Knowles Transport faced down “one of the most challenging periods” ever faced by the industry to report a 24% increase in pre-tax profits last year.

Latest financial results for the Cambridgeshire haulier showed that for the year ending 31 December 2020, it made a profit of £2.5m – up from £2m in 2019.

Turnover also increased by 5.8% to £38.4m.

The company said strategic decisions implemented by the directors and the management team led to the continued improvement in financial performance and they expected a strong performance in 2021 too.

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Alex Knowles, MD at Knowles Transport, said it was pleased to have delivered a decent set of results: “The past 12 months has probably been one of the most challenging periods our industry has ever seen,” he said.

“Our agile strategic model coupled with the commitment and dedication of the team has not only enabled us to enjoy continued growth but also deliver the high levels of service for which our brand is built upon, despite managing unprecedented volumes.”

Knowles said 2021 had been a year of record investment with purchases of new vehicles, trailers and warehousing.

This included new pallet racking at its 300,000 sq ft warehouse in Wimblington to increase capacity for new business, as well as boosting efficiencies and productivity.

Knowles added: “Our accounting outlook is not quarterly or even annually, it is a long-term plan to continue to sustainably build a market leading position within food logistics.”