Profits up 3.2% to £3.4m despite "extremely difficult" trading conditions
Haulage firm Maxi Group has reported a 15.5 per cent rise in turnover to £47.8 million for the 2011 financial year.
The Irvine-based group, whose activities include warehousing, construction and property investment and development, has posted a 3.2 per cent rise in pre-tax profits for the year to £3.4 million.
This was despite “extremely difficult” trading conditions, largely from inflationary price rises, high fuel costs and property and construction continuing to feel the impact of recession.
Maxi said its policy of “not taking on any uneconomic work” at its construction division had paid off, with profits up 55 per cent on the previous year to £455,000 on turnover of £5.94 million.
The haulage and warehousing division saw profits increase by six per cent on the previous year to £2.08 million on a 17 per cent rise in turnover to £40.3 million.
However the property development and investment properties divisions suffered from “the severe problems in these markets” but continued to be profitable, Maxi said, with no borrowing and substantial assets and land bank.
Property rental turnover rose from £912,200 in 2010 to £1.14 million last year.
Family-owned Maxi carries no bank debt and has sufficient cash reserves “to take advantage of commercial opportunities as they arise”.
Group chairman Gerry Atkinson said the results represented a continuing success story in the most challenging market conditions he had ever experienced.
In the past year, Maxi had restructured the group companies with the trading activities of construction, haulage and warehousing brought together under a new holding company.
Property development activities are now managed through another new holding company, and a separate company was also formed to own the managed property portfolio.
The underlying business activities of the group have been unaffected by the reorganisation and the ultimate shareholders remain the same.
Maxi Group now employs 237 people, having added 23 new employees in the 2011 financial year.