Lockwood Haulage reports revenue rise as expansion plan pays off

Lockwood Haulage’s investment in its fleet and warehousing capacity reaped rewards last year, with turnover and profits increasing at the Derbyshire firm.

Its latest financial results showed that revenue rose by more than £2m to £22.8m in the year ending 31 January 2021.

Pre-tax profit also increased almost fourfold, to £2m (£513,000).

The company said that post year end, Covid-19 had only had a minimal impact on the business.

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“Last year margins were squeezed across the business due to the investment in the warehousing capacity, however as a result of a full year with this increased capacity along with a reduction in fuel prices, operating profit has increased this year to £2,078,894,” it said.

“As for many businesses of our size, the business environment in which we operate continues to be challenging.

“The market for our services is highly competitive and margins continue to be tight.

“Despite this, the directors anticipate continued growth in the core business activities in the future.”