Belfast Telegraph

Tuesday 29 July 2014

Company Snapshot: Woodside Haulage Holdings

A good haul for Woodside

Woodside Haulage Holdings is the group parent company consolidating 10 Woodside subsidiaries.

The business specialises in the provision of haulage contracting with a wide range of destinations and sources, mainly in the UK but also into other EU countries. Woodside is thought to be one of the four largest haulage companies based in Northern Ireland.

In recent years this group of companies has continued to enjoy improving profitable trading. Operating profits have risen in recent years and in the latest year were just under 2.5% of turnover.

As in most haulage companies, much of the equipment and vehicles are purchased on a leasing basis. In the most recent year, capital repayment contracts cost £0.7m compared to £1.4m the previous year. Also in 2011-12, the group spent just over £1.3m in buying a subsidiary business.

The financing of vehicles through leasing arrangements is then reflected in the profit and loss account, with a deduction of interest payments from operating profits. This deduction leads to pre-tax profits being lower than operating profits.

The end year value of shareholders' funds increased again in each recent year to reach £15.9m in March 2012. No dividends have been registered for the shareholders in recent years.

Employment has shown small year to year changes but averaged 360 people in 2011-12, up slightly from 339 people the previous year.

Net cash flow was positive in 2011-12, just offsetting a negative outcome in 2010-11.

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