RT Keedwell was pushed into a larger pre-tax loss in 2025 by rising driver wages, fuel prices and operating costs, which continued to squeeze margins in 2025, the company’s latest annual results have revealed.
The Somerset-based haulier, which has operating licences for 174 trucks and 343 trailers, revealed a pre-tax loss of £633,363 for the year to 31 October 2025, compared with a £424,667 loss the previous year.
Keedwell’s overall turnover remained stable, falling by less than 1% to £25.1m (2024: £25.4m).
Turnover from its haulage operations dropped to £24.6m (2024: £24.8m) during the year, as did turnover from the company’s hire activities, which fell to £398,759 (2024: £428,214).
However Keedwell’s warehouse rent revenue fared better, rising to £140,123 (2024: £105,167).
In its strategic report, the company, which employs around 180 staff, said the general haulage market remained “highly capital intensive with relatively low gross and net profit margins”, whilst higher operating costs and pricing pressures continued to erode profitability.
It pointed to the conflicts in Ukraine and the Middle East, together with the weaker UK economy, as key factors affecting trading during the year.
Increased driver wages, higher fuel and vehicle running costs and greater use of subcontractors to meet customer also contributed to the company’s weaker performance, the report added..
However the report noted that management had continued to take measures “to improve operational efficiency and profitability by addressing vehicle utilisation, removing inefficient work patterns and a drive to improve customer rates”.
RT Keedwell is part of S R Keedwell Holdings group and accounts for around 49% of group turnover. The report said its performance should be viewed in the context of the wider group’s trading, although the holding company’s latest accounts have yet to be filed at Companies House.
Looking ahead, the report said the board expects trading conditions to remain competitive, with fuel continuing to represent a significant cost. However, it said the business was focusing on improving margins through tighter cost control, securing better rates and targeting more profitable sectors.
Despite reporting a larger loss for the financial year, the report said the measures introduced were already beginning to deliver results.
“Since the year-end the company’s 2025/26 trading has brought increased profitability although turnover levels have not increased,” the report said.
It added that the board would continue to monitor technological developments, including alternative fuel technologies and autonomous vehicles, while recruitment and retention of HGV drivers remained one of the key risks facing the business.
