Woodside Logistics Group in Ballyclare increased revenues by 16% in the year ending 31 March 2023, new results have revealed.
The County Antrim logistics, warehousing, freight forwarding and customs group said growth was both organic and due to successfully passing on higher fuel and shipping costs.
Group pre-tax profit increased by 20.6% to £6.3m and it said net margins were maintained at 7%, “a level which the group is comfortable with and can further build upon.”
It said its distribution business expanded logistics operations by offering greater warehousing space and it intended to expand this further.
Results for its haulage contractor division, Woodside Haulage, showed that revenue dipped by 5% to £31.2m during the period and profits before tax reduced by a similar amount to £1.9m
“The key business risk and uncertainties affecting the company are considered to relate to competition from other local and national haulage contractors, employee retention, the business impact of the Northern Ireland protocol on the movement of goods into, out of, or through Northern Ireland and general economic conditions,” the company added.
“Due to the company’s reputation, standing and position in the market place, the directors are of the opinion that the risks and uncertainties facing the company can be adequately managed.”
