Leading machinery moving specialists Joseph Merritt Plc has announced a rise in both revenue and profits in accounts filed for the financial year ended June 2018.
Revenue at the company, which employs 42 people, has increased by £1.56m to £5.52m and profits have more than doubled from £320,000 to £870,000 over the same period.
Commenting, James Merritt said: “It has proved to be a very successful year following a number of changes at board level. We appointed finance director Alan Cundy, and I moved in to a more customer-facing role. This has improved cost control and operational efficiencies.”
Finance director, Alan Cundy, added: “A significant programme of capital investment started in 2018 and will continue into 2019 and beyond. This investment will assist us in meeting the growing demand for machinery relocation services within the UK and Europe.”
So far in 2018, the company has invested £1.4m in new plant and equipment to support the growth plans and increase operational capacity. This has included four new Scania S500 tractor units, four new customised Mercedes Benz Sprinter vans and four new Hyster fork lift trucks. A new £100,000 Nooteboom low loader is also on order for delivery in January 2019.
The company has also increased staff employee numbers: Former HSE inspector, Lincoln Marks, has been appointed as the new health & safety manager, further enhancing Merritts commitment to safety in the workplace. Four new team members have also been appointed for driver/engineering roles.
As part of its expansion plan, the company intends to increase revenue to £10m by securing more global machine moving projects on behalf of manufacturers selling new machinery to UK based companies.
The company has a blue chip client base of industry leading manufacturers and supply chain partners in sectors that use heavy machinery such as aerospace, defence, automotive, print, plastics & rubber, food production and waste & recycling.