Maxi Haulage defied difficult trading conditions in 2022 to boost both revenue and pre-tax profit.

The privately owned company, which is part of Maxi Caledonian, has its headquarters in Irvine, Ayrshire, operates six depots and provides haulage, distribution and logistics services in the UK and Ireland.

Reporting its latest annual results to 30 September 2022, the company revealed a rise in turnover to £75.5m (2021: £63.2m) with pre-tax profit up by more than half to £3.6m (2021: £2.2m).

In its strategic report to the annual results the company noted that both revenue and profit were affected by "trading conditions due to customer logistic changes, fuel cost and maintenance and vehicle availability."

It added that whilst the company had retained all major customers it noted that, in general, its volumes were down. 

Fortunately the company landed "significant" new business in the period, which it said more than covered this reduction and led to increased turnover in the year. 

Supply chain issues also created challenges in 2022, with the company noting that a shortage of new vehicles and parts had led to long lead times on fleet replacement, which in turn had resulted in the company reducing its investment in the year.

However it added that post year end Maxi Haulage has seen a huge increase in new trailers with fleeet orders made prior to the year end being delivered in the following period, boosting its trailer fleet to more than 750 units.

Read more

The company's Irish business also grew in the year, grossing an average of 1,100 load per week, the report said.

It added: "One major challenge we have is the growing imbalances in the Scottish market where there is increasing trade to Scotland and less from Scotland.   We have coped well with driver shortages and other operational issues."

The company praised its "strong management team" and thanked its customers for their continued support and hailed staff, subcontractors and vendors for their hard work and commitment, acheiving excellent results "in the most difficult circumstances."

In a statement this week the company warned: "Whilst trading conditions returned to more normal post Covid levels, there were many challenges requiring careful management including huge price increases in vehicles and material, long delivery on trucks and trailers and generally lower amounts of business from many customers."

Despite these headwinds, the group, which includes Maxi Construction and Maxi Warehousing, is taking a positive view of the future, stating that it continues to trade with a very strong balance sheet, no borrowings and large financial reserves, which it said allows the group to make all its investments from its own funds.

Topics