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184 
Salvesen watches profits
Page 7
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melt like the frost on peas
LOGISTICS FIRM Christian Salvesen's pre-tax profits fell by almost 15% to £17.1m in the year ending 31 March 2004; turnover fell 4% to £846m.
The disappointing preliminary results, released only a couple of weeks after chief executive Edward Roderick was ousted from the firm (CM 3 June), cap a traumatic few years for Salvesen.
A four-week pay dispute severely disrupted one of its main distribution depots and it was forced to put a one-off £3m charge against this year's profits; in part due to problems with defrosting frozen peas.
Interimexecutive chairman David Fish, who joined Salvesen's board as chairman in October last year, admits it has been a "disappointing year". He says the company has started working to get business back on track, but warns that the low-inflation/low-interest-rate environment means living with "lower margins and lower returns on capital for some time".
Interimexecutive chairman David Fish, who joined Salvesen's board as chairman in October last year, admits it has been a "disappointing year". He says the company has started working to get business back on track, but warns that the low-inflation/low-interest-rate environment means living with "lower margins and lower returns on capital for some time". Fish reports that Christian
Salvesen is concentrating on growth and improving productivity across the entire business. He expects it to win new business by "reaching out into [new] areas".