Maxi announces 2019 financial results

MAXI Caledonian, the ultimate holding company of Maxi Group, Maxi Haulage, Maxi Warehousing and Maxi Construction, has reported a group turnover of £80.5 million and pre-tax profit of £1.029 million in its 2019 financial results.

The construction business experienced slightly lower turnover but increased profits. Maxi said the haulage business, meanwhile, had ‘huge costs’ associated with the problems of maintaining customer service during Brexit, with ‘panic buying and other related problems’ on the Irish business reducing profit to a ‘marginal’ level. £4 million was invested in vehicles, plant and facilities during the year.

Both divisions were described as ‘doing well’ in the current year until the Covid-19 crisis hit, resulting in the closure of construction sites. The haulage business has continued maintaining service to key industry customers throughout the crisis but at reduced turnover. Maxi revealed plans are in place to cope with further Covid-19 outbreaks and the expectation is for the companies to achieve a ‘low level of profitability’ in the current year to September.

During this financial year, Maxi Construction completed the design and construction of a 12,000 square foot steel framed warehouse for Maxi Haulage at its Bellshill Depot. The redeveloped depot now provides 22,000 square feet of warehousing and office accommodation.

Chairman Gerry Atkinson said, “Despite all the unprecedented issues, the group remains extremely strong and has coped very well during the crisis. We will take advantage of any commercial opportunities, adhering to government guidelines and new legislation, whilst maintaining high levels of customer service. The next big challenge will be Brexit which will cause major changes to our logistics operations but I am sure we will demonstrate our excellent management skills by adapting to it.”