Revenue at commercial and residential removals firm Ward Thomas Removals has risen by 3% to £8.2m thanks to its acquisition of a specialist logistics firm last year.
The purchase of Distance, trading as Bishopsgate Specialist Installations, with annual sales of £5m, boosted its turnover by £757,000.
However, pre-tax profit for the year ending 30 September 2008 dropped to almost £600,000, down from £1.2m in 2007. Net worth grew 20.5% to £4.5m.
Director Tim Bloch says the acquisition
and integration included additional costs from the closure of a depot in Slough, and some consolidation, which led to the profit drop. But he expects it to return to historic levels.
He adds: "Business has been satisfactory in the current financial climate following pre-emptive cost cutting at the end of 2008. The market has been showing signs of improvement in demand during the past three months."
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