Devereux Transport & Distribution is back in the black after the Billingham-based company reported a £36,000 pre-tax profit.

Its financial results for the year ending 31 March 2023 also showed that turnover increased by 7% to £14.9m.

In 2022, the haulier made a pre-tax loss of £92,000, though this was understood to be related to a fine it received following the death of a driver.

In the latest financial reporting period, gross profit reduced by around 2% to £1.8m, which Devereux Transport attributed to rising fuel costs.

“Company overheads have increased slightly, with the company generating a net profit for the year,” it said in a review.

“The company’s results for the year are in line with the expectations of the directors given current trading conditions.”

It added: “The principal risk to the company are the fluctuating fuel costs, which can cause strain on the company’s cash flow.

“This has been emphasised during the war in Ukraine and the cost of living crisis in the UK.

“The company takes measures to mitigate the risk of fuel prices where possible, such as buying in bulk and the use of fuel surcharges on customers.

“Another potential risk to the company is the national shortage of qualified HGV drivers that could impact future turnover and employment costs,” it said.

“The company takes measures to mitigate this risk managing recruitment policies and the retention of staff.”