Wm Armstrong saw an increase in revenues last year but the Longtown haulier’s pre-tax profits reduced by almost two-thirds, latest results showed.
Turnover increased by 2.5% to £41.9m in the year ending 31 March 2024 but there was a 66.4% drop in pre-tax profit to £481,000 during the year (£1.4m).
The haulier, which specialises in milk tanker haulage, livestock transport, as well as general haulage and distribution, said its new depot in Preston supported a focus on providing an efficient and effective transport and logistics service.
“In general haulage and palletised goods activities, in the year under review we have seen customer volumes increase and are pleased to sign new long-term contracts with major customers,” it said.
“The company’s specialist services in milk haulage from farms to dairies throughout the UK continues into the year at increased levels uninterrupted every day of the year”
Armstrong added: “A greater proportion of haulage revenue is covered by fuel escalators.
“During the year, the price per litre was 16% less than the previous year, resulting in a decrease in costs and revenue.
“The cost of living crisis continued to impact on the business with increased labour costs coupled with increased interest costs.
“The company continues to take measured and timely actions through the implementation of the company’s corporate strategy, to minimise the effect of the increased labour and fuel costs.”
