Renfrewshire-based logistics, construction services and waste management company, Malcolm Group has unveiled a two per cent rise in annual pre-tax profits to £6.68 million after taking an exceptional charge of more than £1m.

The rise in profits in the year to January 31, 2014, was achieved on the back of a 0.5 per cent increase in turnover to £193m, The Herald has reported.

The underlying rise in profits was about 18 per cent, with Malcolm taking a net £1.07m exceptional charge in the year to January 2014. This was made up of a £3.726m charge for impairment in the value of land and buildings, and a £2.656m gain relating to amounts recovered from variations on long-term contracts.

There were no exceptional items in the prior year.

Chief executive Andrew Malcolm said: “During 2013/14, our logistics division enjoyed similar activity levels to the prior year, whilst our construction services and waste management division recorded a small increase in activity levels, reflecting the slight improvement in trading conditions experienced in that sector following several challenging years.”

He added that activity in logistics and construction services in the first few months of the current financial period had been ahead of a year earlier.

Malcolm Group’s accounts show directors’ remuneration dipped to £826,262 in the year to January 2014, from £827,409 in the prior 12 months. In addition, the company made pension contributions of £102,500 in respect of the directors.

The highest paid director received emoluments of £462,381, plus pension contributions of £61,500.