Maxi Caledonian Ltd announces 2020 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. 2020, all of whose Accounts have now been lodged at Companies House. We would like to sincerely thank all our clients and customers for their continued support and our staff and subcontractors for their commitment and hard work during the continuing Pandemic.
The Group’s turnover was £74.56M down from £80.54M mainly due to the Construction company’s period of Government forced closure due to Covid 19. Group pre-tax profit were £2.08M which under the very difficult trading conditions is considered by the directors as satisfactory.
Despite a period of enforced closure, the Group’s construction company had a successful year with business picking up after closure and the completion of existing contracts provided an increase in declared profits.
The haulage company incurred huge costs associated with the problems of maintaining customer service during Brexit, but with heavy work demands this levelled out during the second half of the year. Initiatives are being implemented to address the increasing critical driver shortages being faced by the industry. Due to the unique circumstance capital expenditure was significantly less than normal, this has increased during the following period, however the industry is now facing longer delivery times for new truck and trailers.
The Group continues with positive cash flows and substantial financial reserves, no borrowings and owns outright all its depots, vehicles and plant.
In May 2021 Maxi Construction Ltd celebrated its 50th Anniversary.
Chairman Gerry Atkinson commented that despite all the difficulties both the construction company and haulage company had to contend with, they have both produced an exceptional performance for which he thanked their dedicated staff. Drivers backed by their warehouse operations and traffic offices had assisted, along with the rest of the industry in maintaining essential supplies during the pandemic without which the country would have suffered major problems.
GLM
SPA