Increased competitive pressure in the moving market led to a 26.5% drop in pre-tax profits at Pickfords Move Management last year.Latest financial results for the removal company, for the year ended 30 September 2019, showed profits fell by £547,000 to £1.5m.

Revenue reduced by almost £600,000 to £58.9m, with £30.3m of this being derived from UK operations and £28.5m from overseas.

In its financial report, Pickfords said it operates in an industry highly influenced by the UK housing market, as well by the number of international moves of personnel by the corporate and public sector marketplace and the Brexit process was creating uncertainty in these areas.

“Price pressures from increased competition in the market over the long run could materially affect the performance of the business,” it said.

The company did not respond to requests for comment.