The Freight Transport Association (FTA) increased its income by 3.4% last year to £26.2m. Membership fees grew by 3.2% to £3.8m (as membership rose from 14,121 in 2007 to 14,306 in 2008), while commercial activities increased by 3.4% to £22.4m.
FTA chief executive Theo de Pencier says: "Our financial performance during 2008 has been encouraging... while tight cost control has enabled us to significantly
increase our trading contribution. The FTA is fortunate to have no debt, increasing cash and a strong balance sheet."
The FTA's annual report reveals a trading surplus increase of 44.5% to nearly £2.2m, however this has been knocked back to nearly £1.7m as provision has been made for the loss of £500,000 deposited in the failed Icelandic bank Kaupthing, Singer and Friedlander.
So far the bank's administrators have been unable to provide an estimate of any expected recovery.
The FTA's surplus for the year (after tax) was £1.4m; in the previous year the surplus was £3.1m, but this included £1.9m profit from the sale of the Wadhurst conference centre.
De Pencier adds: "Despite the tough economic backdrop, there is no recession in government and members will continue to need our help to navigate through the ever-increasing complexity that is modern-day compliance."
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