WH Malcolm saw pre-tax profits rise by more than half last year but warned that the Covid-19 pandemic will have an adverse impact on the company’s performance this year, despite a strong performance from its logistics division in the food and drink sector during lockdown.
Reporting its annual results to 31 January 2020, the Linwood-based firm, which specialises in construction and logistics services, revealed a marginal rise in turnover to £209.3m (2019: £206.1m). However pre-tax profit rose by over 58% in the period to £8.4m (2019: £5.3m).
In an update to its strategic report to the annual results the company said its construction division had suffered from the closure of most construction sites during the pandemic lockdown.
However its logistics division had fared better thanks to a large part of its customer base being in the food and drink sector which meant that “activity levels have been more robust and operating performance has consequently been less affected”.
However the report warned that the company “anticipates our 2020 results will be adversely impacted by the pandemic”.
Looking forward the firm said that its banking facilities were due for renewal on 18 December 2020 and that after presenting a five-year business plan to its banking partners it has secured a further five-year term to July 2025.
Requests to WH Malcolm for comment on its annual results have yet to receive a response.