Cranleigh Freight dips into loss

Commercial Motor
January 25, 2007

Cranleigh Freight Services has dipped into the red, but says it is satisfied with its results after management has taken steps "to cope with the harsh economic climate".

The Surrey-based logistics and home delivery provider has reported a pre-tax loss of £186,826 in the year to December 31, 2005, tumbling from pre-tax profit of £654,512 in 2004. It also made an operating loss, of £87,642, in 2005, down from a profit of £702,225 in 2004.

Turnover dipped to £13.4m in 2005 from £14.6m in 2004, while gross profit nudged downwards to £2.95m in 2005 from £3.52m in 2004.

Fixed assets were worth £1.26m for the company in 2005, falling from £1.46m in 2004. The company moved to Dunsfold after disposing of the freehold interest in the Cranleigh office and warehouse. The results state that the move "will give the company more opportunity to expand and diversify".

They report continued growth in the home delivery sector, but activity in road haulage and logistics is similar to recent years. Around half of Cranleigh Freight's fleet has been replaced during 2005 after the "coincidental expiry of many five-year agreements". Loan agreements have financed the acquisitions, the results state.

Total staff costs dipped to £5.82m in 2005, from £5.98m in 2004, while average headcount, including directors, fell by 17 to 253 in 2005. Directors' emoluments were worth £376,600 in 2005, falling from the £400,852 paid to directors in 2004.

Cranleigh Freight paid an interim dividend of £55,000 in 2005, down from £107,000 in 2004, but no final proposed dividend was paid in 2005, compared with the £250,000 paid in 2004.

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