Massey Wilcox boosted its turnover last year in the face of rising fuel prices, insurance costs and wages, which it attributed to increasing its storage and handling charges.
However, general increases in its direct running costs, which it was unable to pass on to customers, meant pre-tax profit slid to £841,000 in the year ending 31 May 2022 from £1.9m in 2021.
Revenues increased to £14.11m at the haulage, distribution and warehousing firm during the period, up from £13.97m.
Read more
- Soaring cost of fuel, wages and vehicles will wipe out last year’s profits, Massey Wilcox tells hauliers
- Massey Wilcox blames wage costs on profits dip
- Massey Wilcox MD calls for government loan for trainee HGV drivers
“The directors continue to carefully manage the level of operational and overhead costs, as well as continuing to market the company’s value added services,” it said in a review of its business.
“The directors are satisfied that they have continued to maintain their market share in this very competitive and congested market.
“The company continues to be well placed in the sector, which is aided in no uncertain terms by the respect held for its heritage, to take advantage of the future opportunities in its turnover and profitability.”
The post Massey Wilcox profits hit by soaring running costs appeared first on Motor Transport.