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TOG sees profits slip 4%
Page 8
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• Transport giant TN saw its profits slide by 4% last year, atthough it refused to blame congestion or driver costs for the slump, unlike rival Christian Salvesen.
Although it saw turnover rise by 7% to £567m. difficult trading conditions and on-going problems at its French operation, which lost almost Elm last year, drove down overall profits. In addition, profit at its UK and Ireland contract logistics operation fell by 12% despite an increase in turnover of 17%, partly due to acquisitions and rising insurance costs. However, chief executive David Garman (pictured) promised quick action to stem the losses in France, both through exiting unprofitable operations and the possible development of partnerships with French operators. He says: "We are too small in France and therefore we are spread too thinly.
"Additionally, logistics costs are fixed on the Continent; the social framework means that they have to be that way."
Although he praised the recently-acquired Dutch operation for its greater flexibility, profits there were also flat.
Garman denied the company was considering a takeover bid for one of its rivals, Hays arid Christian Satvesen. He added that market conditions are unlikely to improve this year.