Fagan & Whalley saw turnover increase by 1.5% last year, but pre-tax profit more than halved over the same period.
The transport, logistics and warehousing firm, which last year announced it had launched its first 100% HVO fuelled depot at its Coventry base, saw revenues increase to £34.7m in the year ending 30 April 2024.
Operating profit decreased by 2.5% to £881,000 and the firm said this resulted in pre-tax profit falling from £1.1m in 2023 to £529,000 in 2024.
Retained reserves decreased by £504,000 following a £1.2m dividend to its parent company.
“The principal uncertainty facing the business relates to the price of fuel,” it added. “However, the company uses variable fuel surcharges to mitigate this risk.
“The continued risk of the well-publicised HGV driver shortage creates uncertainty, but the company is well placed to handle this with various schemes to introduce drivers into the industry.”
Fagan & Whalley was awarded Northern Fleet of the Year at the Transport News Awards last autumn.
