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Company Snapshot: Ballyvesey Holdings Ltd


Boost in profits for transport company Ballyvesey Holdings

Ballyvesey Holdings is a diverse group of over 26 companies in different parts of the freight transport business and vehicle sales. It now includes subsidiaries which are variously a recruitment agency in Poland, a local metal recycling business and a trailer manufacturer. Well-known names include Montgomery Transport and car retailers J E Coulter.

The group is owned by a local set of family shareholders and now has its headquarters in Doncaster. The trading network extends across Great Britain and Northern Ireland and into Europe.

Trading performance shows improved profitability against a background of only a small increase in turnover.

From 2005 to 2007 annual turnover was stable. Then in the next year it increased by 35% before falling back again in 2009 and 2010. In part the increase in 2008 may be attributed to the acquisition of Heathrow Truck Centre which added over £40m to turnover in 2008. However, the subsequent reduction may show the impact of the wider recession.

Capital spending in 2008, at £14.4m, was the highest of recent years. Direct capital spending in 2009 and 2010 was much lower. However, these figures do not include the acquisition by purchase of new businesses, including Morgan Elliott Group in 2010. Another large capital spend was in the annual payments on the leases and purchase agreements of vehicles operated by the group where the annual repayments have risen to nearly £10m a year. Employment in the group in 2010, recently averaging 1,513 people, has fallen in each of the last two years from nearly 1,800 people in 2008.

It has a pension scheme which for more recent members is based on a system of defined contributions. However, for the remaining members of a defined benefit pension scheme the group faces an actuarial liability of just over £2m in a scheme where the market value of its assets are over £12m. The company has a modest dividend policy for shareholders. In each recent year the dividend has cost £242,000.