Lewis Tankers forecasts return to profit in 2011

Bulk tanker specialist Lewis Tankers posted a loss in 2010 but forecasts a return to profit this year having won new contracts and restructured its operations following a management buy-out.

The pre-tax loss at the Goole-based firm for the 12 months to December 2010 was £451,381 compared with a profit of £1.5m in 2009, while turnover remained static at £7.2m.

Lewis Tankers says last year very poor winter weather affected its operations in Scotland, the volcanic ash cloud hit its aviation fuels business and a major customer decided to realign its core fleet.

However, the firm bounced back by winning new contracts with Univar, Stepan UK and Brenntag.

Since a management buy out from Simon Storage in November 2009, the company has redesigned its management reporting systems and restructured its finances.

Lewis Tankers says this has given it the ability to invest in new assets and is looking at a possible acquisition in the south east of England.

The financial statement from the firm says: "Our customer base is both strong and diverse. Management reporting systems have been re-designed to produce timely and accurate operational and financial reporting. Our forecast for the year is to deliver a substantial turnaround in operating profit."