Without you, there can be no us. Thank you for your support. Tucker had a strong 2007, despite a recessionary transportation industry. Revenues increased over 22% and service offerings expanded into new areas. We recognize and appreciate your contributions to our growth and success. With your support, we will continue to differentiate Tucker’s services for your benefit and further invest in our people. Below reflects some of our progress.
In 2007, we launched new and challenging safety, quality and productivity iniatives. Perhaps most challenging to our business was strengthening our risk management procedures for qualifying motor carriers in an effort to reduce risk for our customers. Overnight, our carrier capacity was stretched thin relative to many 3PLs and freight managers, who often operate without similar standards and practices in place.
This initiative coupled by trade association involvement on this subject launched several new business opportunities and gained us a national audience on the subject of negligent hiring, negligent entrustment and motor carrier safety and compliance. We launched a formalized Consulting Service and expect to launch an entirely new business in 2008 focused on motor carrier safety and compliance.
ISO 9000 training launched in 2007 has already improved productivity. Even before we implemented the enhancements proposed by our Billing Accuracy Team we realized a 50% reduction in billing errors in 2007 vs. 2006! We are tackling some other big improvement opportunities and are enjoying the team building experience along the way.
Our space and talent grew too. We added new offices in Boston, Albany and now Buffalo, plus our sales team moved into new office space after our Cherry Hill headquarters expanded by 50%. We added several strong individuals with varied and complimentary backgrounds improving our team’s depth.
We expect the difficult 2008 economy to continue and for fuel to continue its rise into $100+ per barrel. Many experts see minor improvement in the trucking industry late in 2008. Sadly that improvement is largely reliant upon the exodus of trucking companies to bankruptcy and the pressure of fuel and economic conditions. Against this backdrop, Tucker Company is thankful to be budgeting for growth in 2008 and beyond through increased freight sales, consulting revenue, productivity improvements and other new service offerings.