Home Truck News Mullen Group’s 2024 business plan reflects resilient economy - Truck News

Mullen Group’s 2024 business plan reflects resilient economy – Truck News

Mullen Group had outlined its 2024 business plan which will see it make $80 million in capital investments, including $10 million that will be spent on sustainability and emissions reductions.

Senior executive officer Murray Mullen said in a release: “In preparing our business plan for the upcoming year we considered the outlook for the economy, geopolitical uncertainties, and the prospects for the sectors of the economy we service. And clearly there are reasons to be cautious, just as there were last year when we outlined our plan for 2023. But this economy is proving more resilient than we gave it credit for. Consumer spending has remained strong, despite higher interest rates and initiatives by the central banks to cool the economy.”

Mullen Group
(Photo: Greg Decker)

He said October and November results were strong and that full year results could exceed prior projections.

“In developing our plan for 2024 we considered many factors to determine if there would be any significant changes in the economic outlook or within the industry verticals we service,” said Mullen. “Generally speaking, we see little evidence of sustained economic growth. As such, we have presumed that overall demand next year will remain consistent with current levels. On the supply side, however, we see potential opportunity. Many of our competitors are struggling under the pressures of elevated debt levels, higher interest costs, and tighter lending standards.”

Mullen outlined its 2024 business plan focused on: $80 million in capital investments; prioritizing margin over market share by optimizing operations and deploying technology; pursuing acquisitions, both tuck-in and strategic; and maintaining balance sheet flexibility.

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