JW Suckling Transport doubles profit in 2022

JW Suckling enjoyed a calmer year in 2022 as the Covid-19 pandemic receded and HGV driver shortages lessened, with volumes bouncing back and new customers onboarded, the company has revealed.

JW Suckling, which specialises in fuel tanker haulage services, has its headquarters in Laindon, Essex and a regional office in Grangemouth, Scotland. It employs over 200 staff and has operating licences for 230 tankers and 240 trailers.

Reporting its latest financial results to 31 December 2022, the company said volume levels across key long-term contracts returned to pre-Covid-19 levels, with the firm expanding its customer base and meeting key growth targets.

The company’s annual results showed turnover rising to £27.3m (2021: £21.1m) with pre-tax profit more than doubling to £1.4m (2021: £664,628).

In its strategic report to the results, JW Suckling said: “During 2022 employee retention and recruitment stabilised with driver numbers increasing in line with activity levels. Staff numbers were also increased and strengthened where necessary.”

The company also made contingencies to cope with supply chain delays, stating: “2022 saw the continuation of extended lead times for new assets, this resulted in fleet investment decisions being brought forward to ensure we continue to maintain a modern and efficient fleet with the latest safety features. Further significant orders were placed to ensure continued fleet expansion into 2023.”

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JW Suckling also drove down external funding requirements during the year, by using “stringent controls and close monitoring” which saw its cash position strengthen during 2022.

The report describes a more stable period for the company in 2022, noting: “The risks and uncertainties from Covid-19 that had impacted the previous two trading years have reduced to significantly less levels of concern.

“The situation in the driver labour market has stabilised and continues to recover despite cost increases in this area.

“Delays in the wider supply chain and the availability of raw materials and trucks and trailers also present a level of risk. However, with the initiatives and steps already taken the business is well positioned to manage these risks.”

Looking to the future the company said the 2023 trading outlook appears positive, adding: “The directors are confident that the business has the necessary contingencies to ensure stability and face the challenges of the market.”

The post JW Suckling Transport doubles profit in 2022 appeared first on Motor Transport.

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