Despite turnover rising by almost half in 2017 Simon Gibson Transport saw its profit fall for the third consecutive year as the firm continued to invest “heavily” in its fleet.

Reporting its latest annual results for the year to 31 December 2017, the East Yorkshire-based bulk powder transport company revealed a £7.1m investment in a “high profile” fleet of trucks.

The firm said the fleet investment was “imperative” to maintain customer service levels. The company which is based in Goole has operating licences for 252 trucks and 333 trailers.

This is the company’s first full financial year’s results since European logistics provider Groupe Charles Andre acquired 75% of the company in March 2016, with founder Simon Gibson retaining a 25% stake.

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The results revealed that whilst turnover rose by nearly 50% in the year to £19.3m (2016: £12.9m), pre-tax profit fell by more than half to £307,402 (2016: £770,030). Cost of sales in the period rose to £16.8m (2016: £10.6m).

The directors report on the results added that the company had seen “significant growth in line with the directors’ expansion plans” with the acquisition having “further facilitated” rapid growth seen in 2017.

It added that that despite the “ever increasing demands” of the logistics sector it is confident that its strategy will deliver “constant growth and profitability” in the coming years.

The company declined to comment on the results as MT went to press.