Meachers Global Logistics saw a reduction in turnover and profit last year.

The Hampshire-based company recorded a 1.9% drop in sales, from £25.5m to £25m for the year ending 31 May 2016.

Pre-tax profit slid 8.7% to £1.9m but the company said the “marginal reduction” was in line with expectations.

In its business review, Meachers said its performance and position were satisfactory and it remained reasonably confident about the future.

However, it highlighted a number of areas of potential concern that could affect profitability, including rising costs related to skills shortages and an increase in the purchase price of vehicles due to recent changes in the exchange rate.

Meachers also remained wary of Brexit, due to the international nature of its business.

It added that further development is likely to come from “organic growth, adding additional contracted business within the core activities of warehousing, freight forwarding and UK distribution.”

The company was unable to comment at the time of publication.