Increased annual revenue and profits for Felixstowe-based Maritime Group
PUBLISHED: 15:27 11 October 2017
East Anglian logistics company Maritime Group has reported increased annual revenue and profits – despite the bankruptcy of a major customer during the year.
Maritime, a member of the EADT/EDP Top 100 listing of the largest companies based in Suffolk and Norfolk, is mainly involved in the road haulage of containers and in distribution by road and rail.
In accounts filed at Companies House, the company has posted turnover for the year to December 27, 2016, of £226.111m, up 14% from £198.304m in 2015.
Operating profit grew by 5.1%, from £10.158m to £10.679m, and pre-tax profit was 6.2% higher, at £8.656m against £8.151m a year earlier, although return on sales dipped from 4.1% in 2015 to 3.8%.
The increase in pre-tax profit was achieved despite a bad debt relating to the collapse during the year of South Korean-based Hanjin Shipping, described by Maritime in its annual report as “a significant customer”.
However, it says that its policy of “retaining significant profits each year and maintaining a strong financial standing ensures that we are less exposed to a customer failing”.
The report adds: “Whilst volumes in the first half of the year were below expectations, creating a slight imbalance between revenue and resource, the volumes were strong in the second half year and the peak period for both containers and distribution businesses delivered a good return.
“The increasing level of profits and cash enable the business to continue its strategy of continued growth and investment. The directors are very happy with the performance of the business and the future opportunities available for growth.”
Investment during the year included the acquisition of a new depot at Alconbury in Cambridgeshire, the replacement of the group’s IT hardware platforms and continued renewal within its vehicle fleet, which it says is now “one of the newest on the road”.
Maritime is based in Felixstowe and has a network of 30 depots around the UK and a fleet including around 1,400 vehicles and more than 2,000 trailers.
Besides container transport and distribution, it offers services including warehousing, freight management, container storage and repairs and railport facilities at Tilbury and Tamworth.