Investment in trucks and warehouse capacity has resulted in a £2.5m increase in turnover at Lockwood Haulage.

The Derbyshire transport firm reported a £20m turnover for the year ending 31 January 2019, up £14.5% on 2018’s £17.5m.

Pre-tax profit fell marginally, by around £5,000 to £866,389.

In a review of the business, the company directors said they were pleased with the strong increase in turnover during the period: “This growth has been achieved through continued investment in the vehicle fleet and warehousing capacity," a statement read.

“Margins continue to be squeezed, in particular in the warehouse side.”

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In June, the company announced it had won a five-year storage contract from 2 Sisters Food Group.

The deal involves storing goods for the Foxes Biscuits, Matthew Walker and Gunstones Bakery businesses at its 110,000sq ft Denby warehouse.

The company did not respond as we went to press.