Expect profit declines despite revenue jump

By Carol Millett

Expect Distribution delivered another year of revenue growth in 2022, boosted by increased activity in its contract logistics and warehousing divisions.

However “significant” financing costs saw a fall in pre-tax profit, according to the company’s latest annual results.

In its financial results for the year to 30 November 2022, the Palletline member revealed a 13.3% revenue rise to £46m (2021: £40.6m) while pre-tax profit declined to £3.8m (2021: £7m).

A report on the results hailed “another progressive year of growth arising primarily from long-term, contracted business within the contract logistics and warehousing divisions”.

It said: “Headline revenue growth for the year was £5.39m (13.3%), when compared to 2021”, adding that while pre-tax profit fell by £3.2m in the year “due to a significant increase in financing costs”, EBITDA grew by £942,000 (22.1%).

The report also said that industry pressures and high levels of inflation had resulted in “significant” cost increases across the business in 2022.

During the year the company invested substantially in its leasehold warehousing at its Thornton Road site in Bradford, to create additional capacity to meet growth

New Trustd app to tackle cargo theft

An app that promises to transform compliance in transport and logistics and help prevent fraud and cargo theft has been launched by freight tech pioneer and Transport Exchange Group chief executive Lyall Cresswell.

Trustd is a business ID and credentials app that allows every organisation in the supply chain to manage risk and achieve 100% security on every transaction by functioning as the sole source for verification and risk management.

The technology enables 3PLs, carriers and drivers to minimise risk and maximise compliance, from onboarding right through the lifetime of the relationship, as well as at the individual transaction level, where required.

HOT STUFF: Bridgestone said its retread tyres would become some of the most advanced in the UK following a multimillion pound investment to upgrade its range. Its new ‘Bandag Hotread’ brand will cover the HGV and bus markets and the company said there would be a greater shift in emphasis from cold to hot-cure products, in response to demand from commercial customers. The investment included new machinery being installed at Bridgestone’s Bulldog factory in Bourne, Lincolnshire to transform its retread offering.

within the division.

The report added: “The investment unlocked opportunity for new customer relationships and a significant number of newly created job roles.”

Each party can identify who is carrying their freight, visiting their site, or driving their vehicle at each step, and provides electronic ID verification for every organisation involved.

Archbold adds S-WAYs by the dozen

A total of 12 new Iveco S-WAY 490s have joined Archbold Logistics’ fleet of 150 trucks and vans.

The new arrivals follow on from the delivery of two Iveco S-WAY 460 models a few years ago, which impressed due to their performance and the service received from Northern Commercials Brighthouse in West Yorkshire.

The purchase supports Archbold Logistics’ growing contract logistics arm, which sees customers benefiting from a fleet operation without having to bear the full cost of a dedicated fleet themselves. The 12 trucks are expected to cover 140,000kms each year and will be covered by a fiveyear Iveco Elements repair and maintenance package.

Archbold Logistics MD, Alan

Maher, said: “We trialled the vehicle last year and it performed excellently. The drivers have been really positive about these Ivecos and have reported good fuel economy. We have been particularly impressed with Iveco’s dealer support, which provides the excellent back-up service that we require.”