Posted on April - 22 - 2010
Record year for Cardinal Maritime
Freight forwarding business Cardinal Maritime today unveiled record annual profits and said it was on course for another bumper year, with takeovers, a push into Africa and further strong organic growth in its sights.
Manchester-based Cardinal Maritime said pre-tax earnings for 2009 would be around £1.2m, up from £700,000 a year earlier, despite a fall in revenues as the recession took its toll on freight volumes around the world.
Sales last year dropped from £35m to £30m but boss Brian Hay said Cardinal Maritime had increased profits by improving efficiency through new software and cost-saving measures.
The firm’s annual profits last broke the £1m barrier in 2007.
Cardinal Maritime, which is based on the Sharston Industrial Estate in Wythenshawe, expects to complete two acquisitions during the first half of this year.
Group chief executive Brian Hay said the targets – both Manchester-based subsidiaries of foreign-owned logistics businesses – would add a total of around £10m in annual revenues.
The firm is also looking to launch franchise operations in Zimbabwe and Malawi.
Cardinal employs 95 staff at its Manchester headquarters and a total of 140 worldwide.
It has operations in South Africa, Ireland and Holland and has seven other European countries in its sights for expansion over the next five years.
Cardinal has bought additional premises in Sharston for £1.925m to support its UK growth plans.
Chief executive Mr Hay, who co-founded the firm in 1997, said: “Our goal is to reach turnover of £100m by 2014, through a mixture of organic growth and acquisitions.
“Our performance during the first quarter of 2010 was on target and we are aiming to achieve revenues of £38m this year.”
Cardinal deals with consignments ranging from waste metal and paper for recycling, equipment for oil rigs, medical goods and food stuffs. Earlier this year, Mr Hay and his management team bought back a 25 per cent stake held by Chinese investor Unique Logistics.
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