Profits up more than £500,000 at Ross-based Bannerman Company

The firm - which runs several ventures including Bannerman Transport, Bannerman Seafoods, Ken's Garage and Tore Service Station - also saw turnover rise by more than £4 million in the year ending January 31, 2018 compared to the previous 12 months.

A strategic report accompanying the business's latest accounts stated: "The board believes the results represented a creditable performance, despite the challenging market conditions experienced during the financial year."

Pre-tax profit increased from £2,404,952 in 2017 to £2,952,957 last year.

For the same period, turnover moved to £24,691,341 from £20,419,760.

During the year, the company purchased the business of Alan Milne, Elgin.

The report stated: "The company's business objectives are to maximise shareholder return, customer satisfaction and improve operational efficiency in order to achieve financial and non-financial measures."

The firm's average number of employees dropped from 100 in 2017 to 99 last year, while staff costs increased from £2,229,158 to £2,344,123.

The report added: "The company has continued with its policy of investment and will continue with a programme of capital investment, which it considers to be of benefit to the business.

"The company expects that the market place will continue to be difficult in the immediate future, but believes it is well placed to meet the challenges of the current economic environment and that it will be in a position to benefit from any improvement in trading conditions going forward."

Charitable donations increased from £1380 in 2017 to £6100 last year.

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