Suttons on track with increased profit
CHESHIRE-based international logistics provider Suttons Group, has defied challenging market conditions in Europe and the US to post higher profits and revenues.
The Runcorn company, which has 700 employees around the world, reported a 7.1% increase in operating profits to £8.4m as turnover increased 4.1% to £154.7m for the year ending April 30.
During the year the family-owned company, which last week announced a bolt-on acquisition in China, said it had invested £13.4m on new assets during the year.
The group’s international division benefitted from significant capital investment in new Isotanks and performed very strongly in Asia. It also continued to invest in its recently-formed joint venture, Suttons Arabia, which won its first major contract during the year.
The UK division, incorporating road tankers, warehousing and drumming operations, also saw growth from new and existing customers. Despite difficult market conditions and upward cost pressures, performance was ahead of the prior year.
Chief executive John Suttons said: “This last year has been positive for the group. We have increased our turnover, margin and operating profit despite challenging conditions.
“We have also invested significantly in both our UK road tanker and International ISO tank fleets, ensuring our customers continue to receive the highest standards of service in the industry.
“Highlights of the year include new business wins and contract extensions for our UK Tankers Division, significant progress in Asia and an important contract for our joint venture Suttons Arabia.”
