Tufnells delivers profits increase
DELIVERY and collections company Tufnells Parcels Express believes that competition is its biggest threat after posting improved annual profits.
The Sheffield-based business saw turnover increase by £7m to £109.3m in 2011.
Pre-tax profits at the company, which was established almost 100 years ago and specialises in next day business to business delivery throughout the UK, were up slightly at £8.7m compared to £8.58m the previous year.
In its annual results filed at Companies House, Tufnells said it had approved payment of a final dividend of £7m, down from 2010’s figure of £7.4m.
The retained profit for the financial year of £7.23m has been transferred to reserves and the dividend has been paid from that.
The report added: “Despite the continuing difficult economic climate of 2011 the company has improved its service levels and has experienced a significant improvement in trading performance in the year.
“The directors have continued to develop the business of the company, and maintain the focus of continuing to invest in infrastructure and computer related technology.
“Management consider that the key risk for the company is the continuing pressure within the parcel delivery sector.
“The company manages the risk by striving to maintain and improve the quality of the service offered to its customers within a competitive price background.”
More than 700 Tufnells vehicles operate through more than 30 depots throughout the UK and Ireland.
