Merritt blames Brexit vote for drop in profits

The vote to leave the European Union is being blamed by a Kirkby-in-Ashfield haulage, storage and training provider for a fall in profits and tax.

Merritt Holdings saw its profits fall from £601,000 to £365,000 for the year ending 30 June 2016.

Merritts says it will now embark on a recruitment drive to “give the business strong leadership and facilitate growth”.

The firm says that it performed well in the first half of its financial year, but from January 2016 it noted that many of its strongest sectors were slowing and enquiries and turnover were affected.

A statement on Merrits’ annual accounts reads: “As usual, our market is slow in times of economic uncertainty and we believe that the UK’s decision to exit the European Union and the following collapse of sterling against the dollar and euro have contributed to many of our larger customers placing a hold on capital projects and strategic decisions.”

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