The wheels kept on rolling for international transport business Brian Yeardley Continental in 2021, aided by a return to the stage for bands and artists keen to get back on the road and perform.
Its latest set of accounts showed that the company increased turnover by 3.4% to £10.9m in the year ending 31 December 2021.
Pre-tax profit increased by 17.6% during the period to £809,000.
Brian Yeardley Continental is split into two divisions; a UK and European general haulage and groupage logistics side and a UK and European live events division.
In a statement signed off by the board, finance director Damien Sharpe said 2021 had been a challenging year, but that as pandemic restrictions were eased, activity picked up: “In particular, towards the end of the year we saw significant improvement with artists and bands eager to get back on the road after almost two years of disruption and restrictions,” he said.
Read more
- Brian Yeardley Continental sees turnaround as events sector revives
- Brian Yeardley Continental to issue CVA after events division suffers £12m loss due to pandemic
- UK ratifies digital consignment notes after pilot project with Brian Yeardley Continental
“This demand provided a welcome boost to the end of the year.”
Its events division reported revenues of £1.3m in 2021. This was down on 2020’s £1.4m, but the company pointed out that £1m of that was attributable to a pre-Covid activities: “Whilst there is still a long way to go there are the beginnings of a recovery.”
The haulier entered into a company voluntary arrangement (CVA) in 2020 after turnover plummeted by 60% during the pandemic and it provides that creditors receive a minimum payment of 28p in the pound: “All necessary payments have been made to date,” it said.
Sharpe added that this year had started positively and it had seen an increase in the number of tours commencing into late 2022: “The business is now more resilient to changes in both of its key operating sectors,” he said. “By reducing its fleet size and achieving a lower fixed-cost base, the business is quickly and more fluidly able to redistribute its assets between sectors in order to operate more efficiently and is no longer over-reliant on any one particular revenue stream.”
The post Brian Yeardley Continental welcomes upturn in events sector as 2021 profits surge appeared first on Motor Transport.