Formed out of a merger with ports firm Westbury last year, Stobart Group reported pre-tax profits of £3.5 million for the 14 months to February 29, based on revenues of £108.8 million.

Stobart said the results were in line with forecasts, while it added the purchase of haulage firm James Irlam & Son would enhance profits.

The group now operates more than 1,500 trucks and 2,900 trailers, as well as a rail freight service and a port. It is focused on developing the company as a leading "multimodal transport and logistics provider".

Stobart counts many of the UK's leading names amongst its customers, including Tesco, Crown, Johnson & Johnson and Masterfoods.

It said it achieved an "impressive" fleet utilisation level of 82% in the last financial year, meaning 18% of miles travelled were without a load. The company said this reflected an integrated approach to traffic planning and its strategy of pursuing complementary contracts that maximise fleet utilisation.