Profits were up at one of East Yorkshire’s biggest shipping companies last year, but directors remained cautious of stormy Brexit waters ahead.
John Good Shipping, headquartered in Hessle, has been involved in the shipping industry since 1833, and offers port agency, freight forwarding and distribution services.
In 2018, turnover at the family business rose from £45.6m to £54.3m, with gross profit up 19 per cent to £7.9m.
Despite the strong performance though, directors warned of potential impact to John Good Shipping caused by Brexit.
They said in recently-filed accounts: “There has been a strong start to 2019, and directors are confident that the company will make further progress during the coming year.
“We have identified the UK’s decision to leave the European Union as being a potential risk to the business. As the Government continues its negotiations uncertainty will remain.
“We have identified currency markets and changes to UK customs procedures as the main areas for concern.
“We have continued to prepare for changes in legislation and working practices in order to take advantage of opportunities as they arise and to mitigate the risk.”
In 2018, John Good Shipping employed 114 people.
The company was formed by the Good family in 1833, and to this day remains a family-owned business.
Starting out as a traditional shipping business, the company has since evolved to become one of the UK’s leading logistics firms.
Directors at John Good said the business aimed to grow its gross profit by 10 per cent per year.
Last year however, that figure was up 19 per cent – an impressive performance from the shipping specialist.
They said: “The annual gross profit target was exceeded as a result of the decisions made in 2016 and 2017 to establish operations in new areas.
“The increases in profitability of both existing and new operations during 2018 have led to a positive impact on EBITDA.
“These targets will continue to be achievable during 2019.”
John Good operates in eight locations across England, two in Turkey and one in China.
The company said despite “economic and political difficulties” in Turkey, John Good remained confident “the Turkish business will develop and grow in 2019.”
In 2018, John Good also completed the acquisition of independent freight firm Rewico, in a deal worth over £2m.
The purchase is aimed at supporting John Good’s current activities in the sector.
