Overseas slump hits TDG profits
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• The Transport Development Group turned in a mixed set of interim results to June 1990, with a disappointing performance from overseas subsidiaries, but UK results showing a 15% increase in profit on a turnover of £162m.
Overall profits dropped by £2m to £17.8m, compared with the same period last year.
Profits from TDG's Dutch business, historically a sound performer, dropped by £800,000, which TDG chairman Sir James Duncan attributed to increased competition, following deregulation of the Dutch market. The US turned in disastrous results, with profits plummeting to £380,000 compared with £1.5m last year.
Speaking at the announcement of the results, Sir James said the UK performance proved the groups' tough action on "problem companies" was paying off. This was despite stiff reorganisation costs, notably at subsidiaries: Charles Alexander, Harris and Southerlands.