Central Trailer Group puts itself back in the black
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Central Trailer Rental Group (CTR) is back in the black after shaving 22.5m off depreciation and costs in the quarter ending on 31 July.
The radical rationalisation it completed on 26 July left it with operating profits of only £1.9m, compared with £5.7m in the same period last year.
It also had to hand over £10.4m interest charges on its massive debts.
The group took £10m in income from US public bonds to turn that into a £1.6m profit before tax, compared with a £5.8m loss in the same period last year.
"Much is still to be done to improve the Group's competitive position," says chairman and chief executive Ian Clubb.
Now the company is looking around for £70m to replace the older models in its ageing 22,600-trailer fleet. CTR says it has won several new long-term contracts with a mix of retail and other customers, but it still has to pay interest charges on its £255.1m debts.