Published 01/10/2007 | 14:42
Ballyvesey Holdings' annual accounts are the combination of the results for the parent company and a number of wholly- owned subsidiaries including Montgomery Transport, Montracon, JE Coulter and a Polish subsidiary.
This combination makes the group the largest in its sector with operations based in Northern Ireland.
The group's performance reflects a more difficult trading environment where increased competition has meant trading margins have been squeezed.
The gross margin on turnover fell from 11% in 2004 to 10% in 2005 and then to 9.7% in 2006.
The impact has been a sharp fall in operating and pre-tax profits and a trading loss in 2006.
As with many transport businesses, the group carries significant borrowing against vehicle assets with leasing and bank borrowing of over £48m. This is reflected in interest charges that rose to £2.7m in 2006.
The balance sheet reflects the changing trading position and the impact of FRS 17, where a net liability of £1.2m was estimated.
In addition the balance sheet has been strengthened by the revaluation of the group's fixed assets. This has added just over £35m to the published value of tangible assets, raising the total to nearly £113m.
Employment fell to average 1,704 people, a fall of 11%.