Lancashire haulier Fagan & Whalley remained in profit in the year to 30 April 2009, despite turnover falling by 6.9% during the period according to its latest accounts.
Turnover was down to £12m from £12.9m in the previous year, while pre-tax profit droppped by nearly 70% to £359,318 from £1.1m the year before.
Stephen Fagan, commercial director at the Padiham, Lancs-based company, says that despite falling volumes as a result of the recession, no redundancies were made during the period.
"We kept the same service levels. We did not see our overheads reduce as we retained our well-trained staff."
Fagan says that other expenses such as vehicle cleaning have not been cut, as it wants to maintain its image as "it will continue to win us customers."
However, the firm's initial profit forecasts for the financial year ending 30 April 2010 are expected to be revised downwards as a result of its recent contract loss with failed packaging firm Western Corrugated , which represented 15% of its operations.
Fagan & Whalley was forced to make some redundancies following Western's administration and says, as an unsecured creditor, it is owed a six-figure sum.
Excluding the one-off impact of Western's closure, Fagan says he is more optimistic about the company's potential for profit growth than this time last year.
