Ballyclare-based Woodside Logistics Group increased turnover and pre-tax profits last year, which it attributed to organic growth and also passing on higher fuel and shipping costs.
The group, which is involved in logistics, warehousing, freight forwarding and customs mostly across the Irish Sea said revenue increased by 5.5% to £97.3m in the year ending 31 March 2024.
Pre-tax profit increased by 18.3% to £7.4m, compared to £6.3m in 2023.
It added that net margins were maintained at 7.6%, “a level which the group is comfortable with and can further build upon”, it said.
The Palletforce member saw improvements in vehicle logistics division Woodside Motorfreight as the car retail market returned to normality following both Covid and the semi-conductor shortage issue.
Its palletised goods work, Woodside Distribution, maintained a “healthy” revenue and increase in profits as the business expanded its logistics offering through additional volumes as well as offering more warehouse space.
“Woodside Haulage and Woodside Tankfreight continue to come under increasing pricing pressures on the Irish Sea, which remains highly competitive,” it added.
“However, the companies remain at turnover and profit levels that the directors are comfortable with, allowing growth opportunities moving forward.
“The group’s employee numbers continue to grow with a headcount of 659 at year end.”
