Meachers Global Logistics said it had exceeded expectations during a year in which Covid-19 significantly impacted the business and HGV labour was in short supply.
Its latest financial results showed turnover increased by 13.3% to £35.7m in the year ending 31 May 2021. Around £1m of this was generated in its international work. Pre-tax profit increased by 49.2% to £3.3m.
During the trading period, the logistics firm said it had continued its policy of reinvesting in the company, with the group’s net worth rising by 19.4% to £9.6m. A further £800,000 was also invested in new equipment.
In a review of its business, the company said: “Overall the directors consider the group has performed well and exceeded expectations, particularly given the unprecedented trading conditions experienced over the last 12 months as a result of the Covid-19 pandemic and the implementation of the Brexit deal.”
Looking ahead, the group said the pandemic continued to affect business and acknowledged that a substantial proportion of the group provided services to companies within the travel and hospitality industries.
However, it added that in the longer term it did not expect the performance and development of the company to be significantly impacted. In March, Meachers acquired AFS Transport Holdings and its subsidiary AFS Haulage in a £2.34m deal, which it hoped would boost its international transport services.