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Record profits at Bulkhaul as takeover tops £200m

Profits at tank container firm Bulkhaul have increased by 11% thanks to the firm’s “extremely strong” core business.

The Middlesbrough-based company has released accounts fof the year ending June 30 2019 which show that turnover climbed from £198.6m 12 months earlier to £205.4m.

It recorded operating profit of £46.9m, with the company’s headcount also increasing from 478 to 495.

Bulkhaul specialises in transportation of bulk liquids and powders, covering European, Pacific and Asian routes.

In the accounts, Mr Gibson said: “The company has committed to its long-term confident outlook by continuing to take delivery of newly built tanks to increase its already considerable fleet of owned tank containers.

“Although the global market was difficult during the financial year and exchange rates fluctuated significantly the underlying business is extremely strong and the directors remain optimistic for the forthcoming year.”

Bulkhaul said two years ago that it had been affected by turbulence caused by the Brexit vote but the new accounts make no reference to how the UK’s departure from the EU could affect the business.

Bulkhaul said it managed to negotiate volatile global freight rates by careful planning of its long-term contractual business and ad hoc “spot” business.

Founded in 1981 by Mr Gibson with a £1,000 loan from his father, Bulkhaul now operates offices across the world, including Milan, Rio de Janeiro and Houston.

The firm, based at Riverside Park in Middlesbrough, is part of The Gibson O’Neill Company, which also owns Middlesbrough FC and Rockliffe Hall hotel.

Figures for the performance of the individual businesses are released separately and the accounts for the other two companies are yet to be published.

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