HW Coates saw revenue and pre-tax profit increase in 2024, despite the impact of “negative” macro- economic conditions on the company’s volumes, its latest annual results reveal.
The chemical haulier reported that, in the year to 31 December 2024, it saw turnover rise from £71.4m to £71.8m, with pre-tax profit increasing to £30.2m, up from £26.2m in the previous year.
Cash and liquid investments also increased from £46m to £47.1m. However the company’s operating profit decreased marginally, from £23.9m to £23.7m.
In its strategic report to the results, the company said it had continued to focus on its core business of warehousing and transporting of packaged chemicals in 2024, which it said would continue to be its focus “for many years to come”.
It added: “In line with this focus we continued to invest in our sites. We have undertaken sales activity, trained and invested in our staff and met our regulatory requirements.”
Turning to its financial performance during the year, the company said: “The macro-economic background in which we operate was negative in 2024.
“There was only very modest economic growth, and only in the first half of the year.
“Our markets reflected this, with volumes lower and limited scope to raise prices to pass on increased costs.
“There is no certainty that such conditions will not continue.”
The report added that, with this in mind, it is focusing on maintaining its customer base by “providing a good service and keeping customer accounts under review”, and maintaining the company’s “positive cash balances”.
HW Coates, which has its headquarters in Lutterworth, is a founder member of The Hazchem Network. The company operates a network of 15 freehold warehouses and a fleet of over 100 ADR vehicles that are all equipped to carry dangerous goods.
