Fagan & Whalley pocketed a £521,000 profit last year, but it was a significant reduction compared to the previous year’s £1.3m.

According to its latest set of results, for the year ending 30 April 2019, the transport and warehousing company increased turnover by 1.2% to £26.3m.

But pre-tax profits fell by more than £736,000 to £521,245 during the 12-month period.

Operating profit reduced by 2.2% to £565,213.

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In 2017, Fagan & Whalley opened a purpose-built, 92,000 sq ft, semi-automated warehouse, capable of holding 30,000 pallets.

The company said: “This new facility will remain adaptable to changing customer requirements and represents a major investment for the group.”

As well as citing fuel prices as the principle uncertainty facing the business, it added that “the company also faces uncertainty relating to the longer term impact of Brexit” on its European distribution network.

The company did not respond.