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Abbey hails increase in annual revenues

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Abbey Logistics Group revealed it has seen a 5% increase in its annual revenues to £67.5 million (€78 million) – the highest in the tanker company’s history.
It said EBITDA for the year to June this year was £7.4 million (€8.55 million) which was a slight reduction on the previous year. One of the reasons for this was soaring fuel costs.
Abbey also added that it responded to the skills shortage by boosting pay and investing in measures to support recruitment, training and retention.
Matthew Male, Abbey Logistics finance director, said: “The business was quick to understand and react to challenges as they arose. Whilst our profits are slightly lower than the prior year, the actions taken led to an improved financial performance in the second half of the period, and this has continued into the new financial year.”
Dave Patten, Abbey Logistics managing director, said: “I am really pleased with how the business has responded to the challenges faced from the COVID-19 pandemic, Brexit, the driver shortage and the rapid increase in price of fuel seen in the period.
“We have a great team of people and a robust business model in place which helps us react quickly to market conditions as they change.”
Mike Ellis, business development director, added: “We remain very forward-looking and see lots of opportunities to continue growing strategically in our target markets. While the majority of our revenues are derived from the transportation of food products, we are also growing quickly in the transportation and storage of plastic, polymers, minerals, animal feed and construction products.
Steve Granite, Abbey Logistics executive chairman, said: “The management team responsible for the day-to-day running of the business has been in place for a number of years now and this stability has translated into a strong operating and financial performance in the face of uncertain trading conditions.