The loss of some service and school contracts has put the brakes on profits at Fife bus and coach operator Moffat & Williamson.
Company accounts newly filed at Companies House show the St Fort and Glenrothes-based firm made a £130,246 pre-tax profit in the year to November 30 2014 on revenues of £3.85 million.
Both figures were down on the previous year when the company generated turnover of $4.08m and booked a pre-tax return of £377,663.
Managing director George Devine said the company’s 2014 performance had been hit by the loss of a number of local school and service contracts.
However, he said new business wins and work arising from major sporting occasions like the Ryder Cup had helped the firm to a positive full-year outcome.
“When these contracts were lost the directors budgeted that a loss of £80,000 would be reported. As such they are delighted to have returned a profit of £130,000 before tax,” Mr Devine said.
“At this time the directors focused on improving the business and winning new business.
“This was successful and aided by the Ryder Cup and Commonwealth Games private hire business was significantly stronger than previous years and helped turn the budgeted loss into reasonably healthy figures.
“Additionally there are a number of new contracts which the company has won, these commenced towards the end of the financial year, and will be reflected in the 2015 figures.”
Mr Devine said the firm had continued to invest in the period.
“As a result of these new contracts and to continue to build the business the investment programme has continued with the renewal and addition of buses and coaches.
“The total investment in the fleet in the year amounted to £1.6m increasing the total fleet size to 70 by the financial year end.”
The accounts show that Moffat & Williamson’s workforce remained steady during 2014 at an average of 85 staff, a figure that included 73 drivers and mechanics and 12 others in supporting administrative roles.
Directors’ remuneration for the year was marginally below the 2013 figure at £88,460. Moffat & Williamson Limited is a wholly-owned subsidiary of Williamson Transport Limited, which is itself wholly-owned by Devine-Devine Transport Limited.