RT Keedwell said the war in Ukraine and the downturn in the UK economy last year hit its trading, with revenues down 4.8% to £23.9m.

The long established national transport provider said general haulage remained highly capital intensive with relatively low gross and net profit margins.

For the year ending 31 October 2023, the company’s financial results showed turnover fell by £1.8m from £25.1m in 2022.

The haulier also went into the red, with a pre-tax loss of £501,000 (£2m).

“Revenue performance is monitored closely by management against gross margins and the return per vehicle, with the aim of ensuring strong utilisation of the vehicles, but not at the cost of profits,” it said in a business review accompanying the results.

“As part of this, the fleet size is constantly being reviewed and the nature of the work is challenged.”

RT Keedwell said it was also monitoring costs, with specific focus on employee and fuel costs compared with the cost of utilising subcontractors: “The aim is to improve operational efficiency and profitability by addressing vehicle utilisation, removing inefficient work patterns and a drive to improve customer rates.”

It added that the commercial environment it operated within was expected to remain competitive, but the board was focusing on areas where it was more efficient and moving into more profitable sectors.

“Since the year end, the group’s 2024 trading has continued to improve,” it added.

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