Resilience is target in response to coronavirus pandemic as Inverness-based shipping and freight distribution firm Scotlog Sales sees dips in turnover and pre-tax profit
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Directors of a shipping and freight distribution firm are determined to make the business resilient and adaptable due to the Covid-19 pandemic.
Scotlog Sales recorded dips in turnover and pre-tax profit for the year ended March 31, 2020.
A strategic report accompanying the firm’s latest accounts stated: “The group has shown strong turnover growth over a number of years, the fall this year was due to the disposal of the trade and trading assets of Highland Haulage Limited in December 2019.
“This decrease in sales naturally resulted in a fall in operating profit for the financial year. The joint venture held in the Scotline Marine Holdings Limited group showed a loss for the financial year and as a result overall net profit fell by
£1.3 million.” Turnover dropped from £19,991,328 in 2018/19 to £16,472,864 for the following year. For the same period, pre-tax profit fell from £2,375,045 to £1,074,180.
The report added: “The group has continued to trade throughout the Covid-19 pandemic.
“Since the start of the pandemic the group has adapted its working practices in order to protect, as far as possible, the health and wellbeing of its staff and customers while maintaining its turnover and profitability in what is an uncertain economic climate.
“The directors recognise that the pandemic has created weakness and uncertainty in both the UK and the global economies which represents a risk to all businesses and the directors are determined to make the business as resilient and adaptable as possible.”
The average number of employees dropped from 100 in 2018/19 to 80 in 2019/20, while staff costs decreased from £2,954,020 to £2,516,105.