Maritime Transport saw its pre-tax profit nearly halve in 2023 as the company faced a return to normal trading conditions post-pandemic and a series of supply chain challenges, according to its latest financial report.
The Felixstowe-based logistics firm reported a significant drop in revenue, down £78 million to £404 million (compared to £482 million in 2022) for the year ending 27 December 2023. Pre-tax profit also plummeted to £20.7 million, a sharp decline from £40.1 million in the previous year.
In its strategic report, Maritime’s directors attributed the decline in pre-tax profit to the industry’s return to “normalised trading post-pandemic” along with the ongoing supply chain challenges experienced in recent years.
Despite these setbacks, the company’s directors expressed satisfaction with Maritime’s overall performance. They highlighted the firm’s strong cash position, which they believe will support future growth and investment opportunities. Additionally, the company’s balance sheet equity increased from £110 million to £126 million during the period.
Key achievements during the year, as outlined in the strategic report, include continued investment in Maritime’s intermodal services, the expansion of its terminals in Liverpool, Northampton, and East Midlands Freeport, and a £30 million investment in fleet renewal. Maritime also participated in the government-funded Zero Emission HGV and Infrastructure Demonstrator (ZEHID) programme, preparing to integrate electric and hydrogen fuel cell trucks into its operations starting in 2025.
Looking ahead, Maritime anticipates an increase in volumes in 2024 and believes the company is well-positioned to seize new market opportunities.
Founded in 2001 by John Williams, Maritime remains a family-run business. It offers integrated road and rail freight logistics, container transport and storage, domestic distribution, warehousing, freight management, and truck sales. The company employs around 3,000 staff, operates a fleet of 1,600 trucks, and runs 36 daily rail services.
