Hays profits boom
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• Hays' distribution division has bucked the recent trend of flat logistics company results with a 29% surge in operating profits to top £49m in the year to :30 June.
A good performance from its continental acquisitions, Fril in France and Mordhurst in Germany, boosted the division's turnover by 31% to .096.5m despite tough market conditions.
Overall group turnover rose 27.8% to £609.9m on a like-forlike basis, but acquisitions pushed the total turnover up to £631.9m.
Within UK distribution only profits in the bulk products division declined as worldwide pressure on caustic soda prices continued—the dedicated and specialist distribution divisions increased their profits.
Executive chairman Ronnie Frost says that Network Distribution, the multi-user service for manufacturers, is benefiting from investments in systems and facilities. Its UK distribution companies won new accounts worth .£20m a year. The packaged products and specialist chemicals divisions increased their profits "substantially", he adds.
Hays' commercial sector, which transports and stores specialist documents, turned in a 13% increase in operating profits to reach £27.3m. It added general practitioner and NHS contracts to its accounts and is already used by the police, courts and banks.