Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 6°C


Increased annual revenue and profits for Felixstowe-based Maritime Group

PUBLISHED: 15:27 11 October 2017

Maritime Group has reported increased revenues and profits for 2016.

Maritime Group has reported increased revenues and profits for 2016.

Craig Pusey

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.

Emergency services were called to the scene of a three-vehicle crash at a busy slip road in Suffolk today.

Unsung heroes who go the extra mile to support their communities took their turn in the limelight as they were honoured at a glittering annual awards ceremony.

Tourism traders in Suffolk are optimistic for an Easter boost following a stunted start to the year, a new survey reveals.

Tickets are now on sale for this year’s PULSE Festival Ipswich, bringing together some of the best contemporary performances and works in progress from established and emerging artists.

Take our news round up quiz to see how news savvy you have been this week.

The Easter break is almost here which means thousands of teenagers will have their heads down revising. Whether your children are studying for their GCSE or A-level exams here is how you can help them.

Are you in a position to be able to adopt one of these cute creatures from the RSPCA centre in Martlesham?

A fundraising campaign to restore the Victorian chapel of the Seckford Almshouses in Woodbridge has been kickstarted with a generous £920 donation from The Company of Four theatre group.

A retired Ipswich lorry driver who was allegedly involved in a road rage incident which resulted in a collision on the outskirts of the town has denied dangerous driving.

The Rt Rev Martin Seeley, Bishop of St Edmundsbury and Ipswich, and his colleague the Rt Rev Dr Mike Harrison, Bishop of Dunwich, invited the public to walk with them during their 10-day Lent Pilgrimage around the county.

Most read

Show Job Lists

Topic pages

Newsletter Sign Up

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24