Haulage contractor WH Malcolm has reported a 153% rise in pre-tax profit. The latest accounts for the company show that pre-tax profit has grown to £15m in the year to January 31, 2006, from £5.89m in 2005. Turnover saw a 17% growth to £162m in 2006 from £138m in 2005.
Gross profit has risen to £29.2m in 2006 from £25.3m in 2005, while operating profit has nudged up in comparison to the rest of the figures, to £10.3m in 2006 from £9.53m in 2005.
Total assets minus current liabilities
amounted to £45.5m in 2006, a drop of more than half from the £99.1m in 2005. The financial statements note the sale of eight warehouses to JL McNeil in January "for a consideration" of £57.1m which were in turn sold to Malcolm Properties. WH Malcolm now rents these warehouses from the new owners.
Motor vehicles are reported to depreciate by 20% a year.
Staff costs for the company, which is ultimately owned by The Malcolm Group, grew by 10% to £45.8m in 2006 from £41.8m in 2005. But average weekly staff numbers grew by just 2% to 1,802 in 2006 from 1,767 in 2005. The company took on 20 more office and management staff on average and 15 more service and distribution workers.
Directors' emoluments jumped by 20% in 2006, to £1.13m, from £946,122 in 2005. Final equity dividends were worth £21.2m in 2006, a jump from the £2.29m in 2005.
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