Wyvern Cargo has more than doubled its pre-tax profit, helped by what the firm says is the success of its fuel escalator. Chairman John Probert says the price clause the company writes into contracts with customers has given it protection against a "20% rise in fuel costs this year". He adds: "Although it is not popular, I think customers understand the need for it."
Pre-tax profit at the Poole-based firm for the year to March 2007 leapt to £231,266 from £113,927 in 2006. Operating profit
increased to £425,779 from £265,514, while turnover rose to £13.6m in 2007 from £12m in 2006. The directors did not recommend payment of an ordinary dividend. Probert believes the good results were helped by the strong trading performance of existing customers, as well as new business picked up at the end of the previous financial year. He says Wyvern is keen on cutting down on empty running, and sub-contracts some jobs where necessary. "One risk for the business this year could be that of rising interest rates," Probert adds.
The firm believes its venture into document stor-age at Poole - called Wyvern Easyfast - is off to an "encouraging start". The venture operates as a separate division and includes services for businesses such as solicitors.
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