AXLE Group Holdings, the company behind the National Tyres and Autocare chain, has narrowed losses in its latest financial year, writes Scott Wright.

The Glasgow-based business, which specialises in supplying and fitting car parts, booked a loss of £1.5 million in the year ended December 31. That came a year after it posted a pre-tax loss of £2.1m.

Axle, which has about 30 of its 200 sites in Scotland, cut losses as turnover fell to £159.3m from £161.5m, accounts newly filed at Companies House show.

The accounts reveal a significant drop in directors' remuneration to £2.53m from £6.65m.

Staff costs were also reduced, to £35.8m from £39.2m, with average staff numbers rising by five to 1,436.

The company, which is majority-owned by Alan Revie, booked operating exceptional items of £4.26m over the period. These included property dilapidations of £1m, £749,000 written down in the value of assets, bad debt of £1.5m and around £1m to cover stock provided by a supplier which has entered administration.

According to the accounts, sales costs were trimmed to £86.4m from £90.4m in 2013, while administrative expenses also fell, to £66.7m from £70m.

The operating loss before exceptional items was booked at £308,000, compared with £5.2m in 2013.