Revenue growth returns for Yearsley
FAMILY-owned haulage and cold storage group Harry Yearsley saw turnover increase last year for the first time since 2010.
In newly-filed accounts the Heywood-based company said it had “traded well in a very challenging market place”.
In the 12 months to the end of March revenues grew by 9% to £155.8m while pre-tax profits jumped 43% to £4.6m, although this was helped by a one-off payment of £550,000, classed as income from shares in group undertakings in the accounts.
The directors said the food division saw revenues rise across its three business units, while its ambient – food that does not require chilled transportation – and freight forwarding businesses started to “make inroads and make a positive contribution”.
They added: “Along with organic growth we are still actively looking for further strategic acquisitions. The future looks very promising with the work on integration and innovation now starting to bear fruit.”
During the year Yearsley, which employs 1,000 staff, acquired an automated 42,000 pallet cold store near Birmingham and completed a phase of development at its Heywood base. It also created a holding company registered in Guernsey to hold most of the group’s property portfolio. But it stressed the company was still tax resident in the UK.
Net debt at the year end decreased by £18.9m to £13.8m. Shareholders’ funds stand at £21.9m, down from £28.7m.
