Press Release Issued 20th May 2011 Irvine
Maxi Group Limited., an Irvine based Scottish Company, has lodged its accounts for the year ending September 2010, which includes the results of its subsidiary companies who are involved in Haulage and Warehousing throughout the U.K. and Ireland, Construction as main contractors in the Central Belt of Scotland and Property Development & Management in the UK.
Commenting on the results for year ending 30th September 2010 Chairman, Gerry Atkinson sincerely thanked all of the Group’s Customers and Clients for their business and great support, and reported that the Group continued to produce excellent results despite our extremely difficult trading environment including huge fuel cost increases and other unavoidable inflation, along with very competitive conditions.
Despite these problems Group turnover increased slightly to £41,422,507 and pre tax profit only slipped marginally to £3,312,040. Cash flow remains strong and we have no borrowing, substantial reserves and very strong balance sheets.
The Haulage division turnover increased by £200k to £34.5m but due to severe price pressures and unavoidable inflation, profits fell to just under £2m. Heavy investment in vehicles and equipment continued, with the trailer fleet now exceeding 600. The company is also following a defined business expansion programme to take advantage of growth opportunities as they arise. Strong management, modern equipment and IT, coupled with trained, motivated employees, allows them to continually achieve the highest levels of customer service, leading to the retention of business and development of new custom under extremely difficult and competitive market conditions.
During the current year, the Haulage business has continued to grow and maintain profitability. One continuing problem is the huge increase in shipping costs to the Irish Republic caused by a significant reduction in shipping capacity.
The Construction division continued its policy of not taking on any unprofitable work, resulting in their turnover increasing slightly to £5.6m and a pre tax profit of £266k, which has got to be considered as exceptionally good in the very depressed industry conditions in which they are operating. With their healthy balance sheet, nil borrowings and substantial reserves, the strong management team is in a position to offer clients levels of quality and service at the lowest viable cost, with the added benefit of them dealing with a solid organisation, currently celebrating their 40th year in business.
Since the year end, the Construction business has shown good growth which is continuing.
The Property Development division continues at a low level of business due to market conditions but is continuing to plan further developments and obtain the necessary consents to allow these to proceed as soon as conditions make them viable. The Group financial resources put them in an excellent position to immediately respond to increases in demand.
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Issued by Gerry Atkinson Maxi Group Ltd Chairman who, along with the family trust, owns the Group. He can be contacted by phone 01294 272531, PA Josephine McNulty, or by e-mail gerryatkinson@maxigroup.co.uk and will be pleased to answer questions or supply additional information.
Copies of the Maxi Group Limited September 2010 Accounts, or any subsidiary Company, are available on request.
