Axle Group Holdings Ltd, which owns National Tyres and Autocare, has reported that profits nearly doubled to £5.8 million in the financial year to 31 December 2009, despite turnover remaining flat at £153.1 million. The latest accounts to be filed show that much of the company’s improved profitability came through £3.6 million worth of cuts in “administrative expenses” to £53.6 million, while distribution costs fell £400,000 to £6 million in the year. However, according to reports in Crain’s Manchester Business, a 106-person drop in staff count to 1,238 during the year, reduced the wage bill by £2 million to £26 million. However, in addition to reduced head count there is also evidence of thriftiness in the boardroom. The accounts, which inlcude the Viking tyre wholesale subsidiary, show the company's highest paid director, which Crain’s speculates is Revie, earned £763,907, roughly a third of the £2.1 million the company’s highest paid director received the previous year. Total boardroom pay for the four directors fell sharply as well, down £2.65 million to £1.4 million from £4.05 million the year before. The company's net asset value reportedly rose to £55 million, from £49 million the previous year.