Reed Boardall has posted a loss for the year to March 2025, with turnover falling by 9.6% to £82.85m following the exit of a major customer, the company revealed in its latest accounts.
The Leeds-based temperature-controlled food storage and transport company reported a pre-tax loss of £618,396, in stark contrast to the £2.51m profit recorded the previous year. After tax, the company’s net loss amounted to £727,342, compared to a profit of £1.78m in 2024.
Reed Boardall attributed the drop in turnover to the departure of a major customer, which significantly impacted volumes. The company faced challenges ensuring a smooth transition for the departing client while onboarding new business, leading to a temporary reduction in stock holding and landings over the period. Additionally, the company’s prior-year figures were inflated by an extra week in the accounting calendar.
Net assets at the end of March 2025 stood at £59.8m, slightly down from £60.5m the previous year. This decrease was driven by the loss during the period, offset by a slight reduction in debt following loan repayments.
The company’s directors highlighted ongoing risks, including credit exposure from trade debtors and competition within the logistics sector. Despite these challenges, Reed Boardall remains confident in its long-term strategy, citing strong barriers to entry and its established customer base. Regulatory compliance, particularly regarding driver hours and vehicle condition, remains a key focus.
Looking ahead, Reed Boardall said it was optimistic for the next financial year, forecasting improved performance and higher utilisation rates. The company continues to win new business and anticipates a return to full capacity as customer integration and stock volumes ramp up.
In line with its sustainability efforts, Reed Boardall has added fully electric tractor units to its fleet and is trialing alternative fuel options for its trailers, as part of a broader strategy to reduce its carbon footprint.
“We remain confident in our business model and the strength of our single-site strategy,” chief executive Marcus Boardall confirmed. “The financial year ahead looks positive, and we are excited about the opportunities on the horizon as we continue to grow our customer base.”
