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Exel sees profits III
Page 5
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• Logistics company Exel says it has had a successful year, trading in-line with expectations and seeing pre-tax profits rise by 10% to £205.3m in the year to December 31, 2002.
Turnover rose by 5.7% to £4,688m.
John Allen, Exel chief executive, says the company delivered solid growth in weak economic conditions, winning £625m of new business. It also won 75% of contracts reviewed in the year, but "walked away" from unprofitable business.
However it says overall profit growth was held bac the poor performance at eral Continental operat and the slowdown in tea ogy markets, particular!! America.
Despite a strong cv performance, Exel's sl price has been hit by st market turbulence, falling f a high of 955p last year; as went to press it was tradk 531p, having hit a low of (see graph). Analysts bl concerns about falling sumer demand, which c affect Exel's retail orders.