News

Maritime Transport saw its pre-tax profit soar by nearly a quarter in the year to 31 December 2007, according to its latest accounts.

Pre-tax profit rose to £4.2m from £3.4m in 2006, while turnover rocketed by 16% to £68.5m from £59m the year before.

MD John Williams says growth has been driven by new contract wins and the first full year of operation at its Leeds depot.  He adds: "It's been an outstanding success, we have gone on to acquire a three-acre freehold site [in Leeds]. We are quite keen on Leeds; it's done extremely well for us."

In the year, the Felixstowe company spent some £13.9m on new trucks, reducing the average age of the fleet to less than 12 months. Reserves were also increased to £6.3m in order to help mitigate the effects of the economic downturn and a predicted fall in container rates caused by massive over-capacity in the shipping market.

Williams adds: "This downturn will last two or three years and many of our competitors will not survive it. We have ensured our own survival and success, but others will not be so fortunate and we will be there to take advantage of any opportunities that come our way."

So far the firm has not seen the expected pre-Christmas rush, which has resulted in it laying off a number of sub-contractors, Williams adds.