Scottish haulier Yuill & Dodds saw both turnover and pre-tax profit fall in 2022, thanks to “difficult market conditions”, the company revealed in its latest annual results.
The Hamilton, Lanarkshire-based company operates a fleet of over 100 vehicles and specialises in haulage, material removal and supply, waste disposal, tipping facilities and tipper hire. Last year it employed an average of 91 staff, including 69 drivers, up from 61 drivers in the previous year.
Reporting its annual results for the year to 30 November 2022 the company revealed a slight dip in turnover to £17.2m (2021: £17.3m) whilst pre-tax profit dropped to £261,521 (2021: £322,524).
The results also revealed the company’s turnover per driver had fallen in 2022 to £249,571, down from £274,472 in the previous year.
On the upside, in its strategic report to the results, the directors noted that the company had experienced “an improved trading period”. However it added that it had felt the impact of “pressure on margins and difficult market conditions that have affected everyone operating in this industry.”
The report added that the directors “are confident that the company has sufficient reserves to finance the anticipated levels of activity in the future.”
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Yuill & Dodds also revealed that it is currently achieving 95-99% of customer monitored KPI's, adding that this consistent operational performance has cemented “strong working relationships” with its customers.
The report pointed to the company’s order book as evidence, revealing that between 67% to 75% of the firm’s customers renew contracts of between one and three years on a rolling basis. The report added that this level of loyalty “augurs well in our strategy to attain automatic supplier selection from our customer base.”
Looking ahead Yuill & Dodds is predicting turnover in 2023 to remain “consistent”, noting that the board is continuing to apply tight control of margins, monitor overheads and secure more long term contracts.
It added: “The market remains competitive, however the directors are confident that the high level of service given to customers and the company's reputation will ensure that it will remain a strong contender in this industry.”
A request for comment has yet to receive a response from Yuill & Dodds.