Leading removal firm Pickfords saw revenues grow by 3.8% to £60.3m last year, as prices rose due to an increase in the cost of sales.

However, for the same reasons pre-tax profit slid by around a third in the year ending 30 September 2022, to £3.01m.

In a statement signed off by the board, Pickfords said: “The company operates in an industry that is highly influenced by the UK housing market and specifically the number of UK house sales and this marketplace is competitive.

“In addition, the cost of diesel has risen significantly due to the conflict in Ukraine. The company also operates in an industry that is influenced by the number of international moves of personnel by the corporate and public sector marketplace.

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“There are still some limited issues faced by some businesses as governments around the world navigate through the Covid-19 pandemic.

“Price pressures from increased competition in the market over the long run could materially affect the performance of the business.”

However, it added: “These economic risks are mitigated by the company’s diverse customer base both in terms of market sector and geographical location. Barriers to entry include the need for appropriate warehousing facilities and an international network of agents.”

Earlier this year, comparison website Compare My Move said removals costs had jumped by 48% compared to pre-pandemic levels and that “unprecedented” fuel prices and the stamp duty holiday – which created a surge in house moves - were both having an effect on costs.