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THE ANALYST Chris Morgan, Automotive & Logistics Datamonitor TDG, the
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European contract logistics group, has released its interim results for the first half of 2005. The group stated that in a challenging market the results were encouraging: prof it was up significantly on higher turnover. Operating prof it for the period increased by 37% on turnover up 7%.
The growth in group turnover was the result of a generally good performance across the divisions. All but UK Temperature Controlled saw an increase over the same period last year. The core UK Contract Logistics division grew slightly faster than the group as a whole.
Operating prof it in the UK Contract Logistics unit rose by 46% to £127m, with the operating margin increasing from 3% to 4% in line with the margin achieved in European Chemicals. UK Temperature Controlled remained the stellar performer, achieving a margin of 11%.
The businesses in Ireland and the Netherlands remained loss making. The loss in Ireland was cut by more than half on the back of higher turnover; TDG is expecting a return to profit for the division in the full year.
The situation in the Netherlands deteriorated year on year, and the firm has rationalised capacity and reduced overheads.
In terms of future prospects, the firm may make selective bolt-on acquisitions and will continue to develop Is range of value-added services. The revenue prospects look more favourable with the company winning £21m in net new business in the first half compared with just £2m in the prior year. •