Currie European Transport saw turnover fall by £3m last year, which it attributed to applying “significantly lower” fuel surcharges to invoices as diesel prices stabilised.

The transport company reported an 8.8% reduction in revenue to £31.4m in the year ending 30 June 2023.

Pre-tax profit also reduced, by 73% to £67,000.

The company pointed out that ocean freight prices had also returned to pre-Covid pricing levels during the period and were around 80% less than the “extraordinary pricing peaks” seen previously.

It added that freight volumes on the European road freight market had remained subdued, particularly in the UK export sector.

However, Currie European also said it was pleased with the continued positive progress of the company: “Despite ongoing cost pressures, our UK transport services have again remained resilient throughout the year where we are pleased with both financial and service performances,” it said in its business review.

“Fleet operating costs have again increased significantly during the year, which means we have to continually review our customer pricing and profiling.

“Driver shortages have eased considerably but there still remains a skills gap of new drivers entering the industry.”

Meanwhile, Currie European Transport business Laser Transport International reported a £20.9m turnover during the same trading period, almost the same as the previous year (£21m).

Pre-tax profit reduced by 29.8% to £595,000.

Currie European Transport was approached for comment.