News

Brit European Transport (Holdings) has filed a strong set of accounts for 2007 and says profit is slightly ahead in the year to date, with the remainder of 2008 "difficult to predict". The Cheshire-based firm saw turnover for the group rise 14.8% to £40.6m (2006: £35.4m) for the year to 31 December 2007, while pre-tax profit more than doubled to £1.6m (2006: £567,606).

The group's core business, Brit European Transport, which distributes commercial vehicles, saw pre-tax profit increase  42% to £497,456 (2006: £350,408) on turnover of £25.7m, up 40% on the previous year's £18.3m. Breakdowns weren't available for the group's other subsidiaries - Silver Arrow, which is involved in the distribution of cars and vans, and Brit Drive, which provides a trade plate service. However, a spokesman for the group revealed that within the group there "is one business unit that hasn't performed as predicted".

Speaking to MT, the spokesman says 2007 was a relatively successful year in terms of turnover, while margins remained stable. "It was a strong balance sheet with cash available for future investment," he adds. Commenting on the group's performance this year, the spokesman says turnover is ahead, although margins are down, "in the main due to slow payment of fuel surcharges". He adds: "With all of our contractual customers, we have a fuel clause written in that states if fuel rises more than 5% we have the right to increase our rates. Obviously it has risen more than  5% over the past year, but it's taking time for the new prices to filter through and for customers to pay the extra costs."

The spokesman says 2009 looks set to be a very exciting time for the group. "New contract wins and new services will be rolled out to the automotive industry and we are in a strong position to move forward during what is being considered a very difficult period in the transport industry. "We are looking for significant growth next year," he adds.