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Despite adverse economic conditions in Europe and the USA the Group continued to grow thanks to its range of services and the geographical diversity of its operations. The Group’s focus on efficiency and utilisation also led to operating profit growth of 7.1% to £8.4m.
The Group continued to invest heavily in its capital programme, spending £13.4m on new assets during the year. Cash generation remained strong with net debt rising by only £0.8m, despite the level of investment made.
The International division benefitted from significant capital investment in new Isotanks and performed very strongly in Asia. It also continued to invest in its joint venture, Suttons Arabia, which won its first major contract during the year.
The UK division, incorporating road tankers, warehousing and drumming operations, also saw growth from new and existing customers. Despite difficult economic circumstances and upward cost pressures, it performed ahead of the prior year. The Group also replaced a number of its vehicles and road tankers, representing a considerable investment in the future development of the Road Tankers division.
Suttons Group CEO John Sutton said: “This last year has been positive for the Group. We have increased our turnover, margin and operating profit despite challenging conditions. We have also invested significantly in both our UK road tanker and International ISO tank fleets ensuring our customers continue to receive the highest standards of service in the industry.
“Highlights of the year include new business wins and contract extensions for our UK Tankers Division, significant progress in Asia and an important contract for our joint venture Suttons Arabia.”