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Witney, Oxfordshire-based Chris Hayter Transport saw profits drop by 22% last year, which it said was expected in the current economic conditions.

The company, which operates in markets such as industrial flooring, food, retail services and home delivery, reported a turnover of £20.6m for the year ending 31 December 2019.

This was almost exactly the same as the previous year’s revenue, but pre-tax profit reduced to £431,809 compared to £554,392 in 2018.

In its review of the trading period, the company said it had achieved its aim of “continuing to consolidate the trading position of the company and maintain both turnover and profitability”.

It said that its pre-tax profit in 2019 was 2.1% of sales (2018: 2.7%), “which is in line with the industry average and expected in the current economic conditions”.

Chris Hayter Transport added that the principal risks and uncertainties affecting the company were increased regulations, continued uncertainty about how Brexit would play out, fluctuating fuel prices and the additional uncertainty of Covid-19.

The haulier was established in 1964 and holds O-licences in several traffic areas totalling 163 HGVs.

The company declined to comment further on the results.