Taygroup's first set of accounts since it consolidated its subsidiaries Bee Line Transport and Taylored Lines into one business show a moderate increase in turnover.
The firm saw revenue rise slightly to £22m in the year to 31 March 2008; previously the two companies had combined turnover of £21.6m. Pre-tax profit showed more improvement, however, rising to £4.6m from a total of £1.2m in 2007.
Financial director Steve Gardner says: "We have written off some of the investment
relating to the MBO and the restructure and that has caused the numbers to look skewed."
He adds that the company has focused on supporting existing customers and building contracts up gradually. "We have a fuel duty escalator in all our contracts, which has seen us through the most difficult times."
Gardner anticipates growth of around 10% in the current financial year.
The directors' report adds: "The business has continued to develop positively since the change of management and ownership, an operating profit of £1.5m on sales of £22m is considered a good result. The directors remain confident about the future prospects, despite the unwelcome increase in fuel costs, and believe the company is well-positioned for further growth."
The Biggleswade, Beds, firm was the subject of an £8.83m MBO in June last year by MD Jon Wright and
operations director Lloyd Dennaford.
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