WH Bowker said it experienced a “challenging 2023” as economic activity slowed down, with revenues falling by 9% to £17.8m.
However, the Hull-based transport and warehousing company added that momentum had picked up in the final quarter of the year, with demand increasing and that it was pleased with the overall trading performance.
Latest results for the haulier showed that it made a pre-tax profit of £653,000 in the year ending 31 December 2023, a 25% reduction compared to 2022’s £870,000.
EBITDA fell by £46,000 to £1.2m (£1.3m).
The family-owned company, which has international operator licences in the North West, North East and West Midlands traffic areas, said its profitability was directly linked to the UK’s wider economic climate.
“Diesel fuel represents a major cost to the group and future price movements could have an impact on the future profitability of the business,” WH Bowker added in its financial report.
“The group applies a fuel surcharge to minimise the impact of such price rises to the overall profitability of the business.
“The company transacts business in Euros as well as Sterling, so future movements in exchange rates could have an impact on the future profitability of the business.
“To mitigate some of this risk, the company continues to trade in both currencies in order to offset significant exchange rate moments.”
During the period, the company acquired a 165,000 sq ft warehousing facility in Thorne, Doncaster to provide new and existing customers with additional space, having been operating at close to full capacity for some time.
