Merritt profits fall again as business restructures

Profits at Kirkby-in-Ashfield haulage, storage and training provider Merritt Holdings have fallen for the second year in succession – but the company is predicting an upturn in forutnes over the next 12 months after an internal reorganisation.

For the year ending 30 June 2017 profits at the company fell to £320,000 from £364,000 in 2016. Turnover also dropped slightly from £4.08m to £3.9m.

Over the last year Alan Cundy has been recruited as finance director, while director James Merritt has moved into business development role. Merritt says it is “hoping for a significant uplift in revenues following this change”.

A statement in the firm’s latest accounts reads: “The business is forecasting growth over the coming year – however there is still some economic uncertainty following the UK’s decision to exit the European Union.

“Future investment will therefore depend on the level and speed of growth during the year.”