MAN, Lockwood

Lockwood Haulage reported a 3.7% increase in turnover last year, which it attributed to investments in its fleet and its warehouse capacity.

Latest results for the Derbyshire transport company show that for the year ending 31 January 2020, it increased revenues to £20.7m (£20m), although its pre-tax profit fell by 40.1% to £513,000 (£866,000).

The company, part of the wider Lockwood Group, increased turnover in both its haulage and warehousing businesses.

In a review of its business, the company said the growth was “achieved through continued investment in the vehicle fleet and particularly in warehousing capacity.

“Margins continued to be squeezed across the business, and as a result of a considerable investment in warehousing capacity this year, operating profit has decreased to £652,996 (2019 - £968,387),” it added.

Lockwood Haulage said Covid-19 has had minimal effect on its business and the company had “continued to trade strongly.”

Lockwood Group, a non-trading holding company with eight subsidiaries, including HRVS Group, which services and repairs commercial vehicles, saw revenues fall by 1.3% to £44m during the period.