Supply chain challenges and post-pandemic trading hit Maritime Transport profit in 2023

The Felixstowe-based firm reported a £78m fall in revenue to £404m (2022: £482m) in the year to 27 December 2023, with pre-tax profit spiralling to £20.7m (2022: £40.1m) in the period.

In its strategic report to the annual results Maritime’s directors attributed the company’s fall in pre-tax profit to the sector’s return to “normalised trading post-pandemic and the supply chain challenges of recent years”.

Despite these declines in both revenue and pre-tax profit, Maritime’s directors said they are “pleased” with the company’s performance.

They also noted that Maritime’s cash position remains strong, which they said will enable the business to grow and invest in further opportunities this year. They added that balance sheet equity has risen in the period from £110m to £126m.

Key developments during the year, listed in the strategic report, include its continued investment in its intermodal offering; the expansion of its terminals at Liverpool, Northampton and East Midlands Freeport; a £30m investment in the company’s fleet renewal programme; and its involvement in the government funded Zero Emission HGV and Infrastructure Demonstrator (ZEHID) programme which will see Maritime integrate both electric and hydrogen fuel cell trucks into its operations across its network from 2025.

Looking to the future the company said it anticipates volumes will rise in 2024 adding that the company is well placed to capitalise on the opportunities arising in the marketplace.

Maritime was launched in 2001 by John Williams and remains a family-led firm. It provides integrated road and rail freight logistics as well as container transport and storage, domestic distribution, warehousing, freight management, and truck sales.The company employs around 3,000 staff and operates a fleet of 1,600 trucks as well as operating 36 daily rail services.