A Runcorn-headquartered warehousing and logistics specialist believes it is well placed after sales passed the £50m mark, despite coming up against an uncertain economic climate.
Frank Armitt & Son was founded in 1950 when it initially provided shipbroking, chartering and shipping agent services across Merseyside.
It has since grown to also become a specialist supplier of marine fuel and lubricants for the UK and Ireland.
For the year to 31 December 2018, the company reported turnover of £51.96m compared to £43.7m the prior period.
Pre-tax profits slipped from £304,232 to £8,355.
Writing in a strategic report accompanying the results, Frank Armitt & Sons said that it had, on the whole, been a satisfactory year with “most divisions performing well despite the uncertain economic climate and apprehension surrounding the UK’s relationship with the EU”.
However, these conditions have contributed to delays in gaining traction for the group’s new rail-connected deep water terminal at London Thamesport and more specifically impacted its automotive division, which has seen turnover decrease by more than 15 per cent year-on-year.
The dip in profits was attributed to the ongoing market uncertainty, as well as management’s decision to write off £158,000 of unrequired fixed assets, which had a one-off impact.
Remaining upbeat, the company said: “The directors are confident that the group is well placed and ready for the year ahead and will continue to invest in key operational areas to support the business strategy.”
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