Operator continues to invest in new vehicles and successfully makes a profit despite losing a number of service and school contracts
The loss of some service and school contracts has affected profits at Fife bus and coach operator Moffat & Williamson, courier.co.uk has reported.
Company accounts newly filed at Companies House show that the St Fort and Glenrothes-based operator, on revenues of £3.85m, made a £130,246 pre-tax profit in the year to November 30, 2014.
Both figures were down on the previous year when the company generated turnover of $4.08m and a pre-tax return of £377,663.
Managing Director George Devine said the company’s 2014 performance was the result of the loss of a number of local school and service contracts, though he said new business wins and work from major sporting events like the Ryder Cup had helped the firm to a positive full-year outcome.
“When these contracts were lost the directors budgeted that a loss of £80,000 would be reported. As such they are delighted to have returned a profit of £130,000 before tax,” George said.
“At this time the directors focused on improving the business and winning new business. This was successful and aided by the Ryder Cup and Commonwealth Games
“Private hire business was significantly stronger than previous years and helped turn the budgeted loss into reasonably healthy figures.
“Additionally there are a number of new contracts which the company has won, these commenced towards the end of the financial year, and will be reflected in the 2015 figures.”
Mr Devine added that the firm had continued to invest in the period, despite the contract losses.
“The investment programme has continued with the renewal and addition of buses and coaches.
“The total investment in the fleet in the year amounted to £1.6m, increasing the total fleet size to 70 by the financial year end.”
The accounts show that the Moffat & Williamson’s workforce remained steady during 2014 at an average of 85 staff, a figure that included 73 drivers and mechanics and 12 others in supporting administrative roles. Directors’ remuneration for the year was marginally below the 2013 figure at £88,460.
Moffat & Williamson Limited is a wholly-owned subsidiary of Williamson Transport Limited, which is itself wholly-owned by Devine-Devine Transport Limited.
