Profit drops at Turners

Newmarket, Suffolk, UK: Turners (Soham) blames a “challenging” economic environment for a 2.7% drop in profit.  Pre-tax profit for the year to January 2011 fell to £21.6m from £22.2m in 2009 with turnover up 16.7% to £210m from £180m the previous year.

Challenging conditions saw a 2.7% drop in profit on rising turnover at Turners

“There was substantial growth in turnover as a result of winning a national fuel contract and the acquisition of container business Dart Distribution Limited the company said in a statement.

“The economic climate continues to be tough and cost control remains paramount.”  At the year-end, net assets at the company were £158m compared to £143m at the previous year-end.

“The haulage industry is increasingly competitive and the general economic climate emphasises the ongoing need to control costs and increase efficiency.” Turners says it continues to hold cash reserves to fund acquisitions when the opportunities arise.

Turners temperature controlled division is BRC accredited and has a core fleet of 300 vehicles handling frozen and chilled consolidation service.