Bowring boosts revenues and profit

Bowring Transport said it had returned to prepandemic levels after posting an increase in revenues and profit.

For the year ending 31 May 2022, the Mansfield haulier reported a turnover of £49.9m, a 2.8% increase on the previous year.

Pre-tax profit was 17.2% higher, at £2m.

Within haulage, the company said: “Gross margins remained very consistent with the previous year at 27%, which has resulted in an increased gross profit of £444,000. Overheads have increased by almost 9% this year from the previous year, an increase of £244,000, which has resulted in a £200,000 increase in net profit before tax for this division.”

Bowring Transport added: “Having bounced back strongly from the coronavirus pandemic, the company now faces the current domestic economic issues of sky-high inflation and record increases in interest rates.

“This, combined with the continued supply issues caused by the pandemic and Britain’s exit from the EU, present extremely challenging times. However, the solid foundations that the business has built over the years and the breadth and nature of our business provides us with a solid platform to remain a profitable going concern for years to come.”