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Smug Exel steps back from Hays
Page 5
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• Exel was forced to quash speculation once again that the group would be bidding for Hays' logistics arm when it reported on its interim results this week.
Chief executive John Allan insists the Hays business does not "fit the bill"—in One with previous comments since Hays put a 'for sale' sign on its logistics business in March.
"I am happy to restate that we wish Hays well in selling the business," says Allan. "We analysed it from the outside and concluded that we would not be participating in the sales process."
Meanwhile, Exel's halfyear results to the end of June show that it is faring better than some other large UK distribution companies. Underlying pre-tax profit climbed from £63.4m to .£67m for the six-month period, while the group has managed to gain 1400m of new business over the last year.
In contract logistics, profit climbed 28% to 111.7m and margins edged up from 3% last year to 3.3%. Allan says: "I think we are bucking the trend—but it is Cot because somebody has waved a magic wand but down to hard work. We have a broad range of capabilities and we are very pleased with contract logistics on a worldwide basis."