The directors report in the latest results that the company has pulled out of the gas and chemical sector, and has suffered "the loss of a milk contract towards the latter part of 2004 following a rationalisation in the milk industry". Turnover for the year to December 31, 2005 fell to £26.6m, from £36.7m in 2004. Pre-tax profit for the company dropped to £241,000 in 2005 from £800,000 in 2004.
Gross profit fell to £4.66m in 2005 from £6.27m in 2004, while operating profit dipped by more
than half, to £517,000 in 2005 from £1.22m in 2004. The directors add that 2006 has so far seen the company exit from two milk and one powder contracts following a decision to reduce roadtanking activities. Interoute "aims to focus on its remaining activities of warehousing and distribution", says the directors report.
Net assets for the freight firm, ultimately owned by Kyss, were worth £5.93m in 2005, growing from a figure of £5.89m in 2004. Average monthly staff numbers fell by 141 to 354 in 2005. Staff costs dropped to £9.61m, from £13.0m in 2004, while directors' emoluments were almost static, at £144,000 in 2005 from £146,000 in 2004.
A final dividend of £132,000 was paid in 2005, £400,000 less than that paid out in 2004.
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