Maxi Caledonian Ltd announces 2019 financial results

Maxi Caledonian Ltd. is the ultimate holding Company of Maxi Group Ltd., Maxi Haulage Ltd., Maxi Warehousing Ltd. and Maxi Construction Ltd. We therefore report on the consolidated position of these Companies at 30th Sept. 2019, all of whose Accounts have now been lodged at Companies House. We would like to sincerely thank all our clients for their continued support and our staff and subcontractors for their commitment and hard work during these very difficult changed circumstances.

The Group’s turnover was £80.54M and pre-tax profit £1.029M

Our construction business had another successful year with slightly lower turnover but increased profits. The haulage business had huge costs associated with the problems of maintaining customer service during Brexit. Panic buying and other related problems on the Irish business reduced profit to a marginal level. They invested £4 million in vehicles and plant and facilities during the year. The Group continues with positive cash flows and substantial financial reserves and no borrowings and owns outright all its depots, vehicles and plant.

Both divisions were doing well in the current year until the Covid-19 crisis which closed the construction sites. These are now opening again but with slow client start up of projects. The haulage business has continued throughout the crisis maintaining service to key industry customers but at reduced turnover. Plans are in place to cope with further Covid-19 outbreaks and we expect the companies to achieve a low level of profitability in the current year to September.

During this financial year Maxi Construction completed the design and construction of a 12,000ft² steel framed warehouse for Maxi Haulage at their Bellshill Depot. The redeveloped depot now provides 22,000ft2 of warehousing and office accommodation.

Chairman Gerry Atkinson commented “Despite all the unprecedented issues, the group remains extremely strong and has coped very well during the crisis. We will take advantage of any commercial opportunities, adhering to Government guidelines and new legislation, whilst maintaining high levels of customer service. The next big challenge will be Brexit which will cause major changes to our logistics operations but I am sure we will demonstrate our excellent management skills by adapting to it.”