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LOGISTICS COMPANY Exel reported a 15% rise in pre-tax profits
Page 12
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last year, rising to £170.2m from £148.4m in 2003. Turnover rose from £5.1bn to more than £5.5bn although these figures do not include the 2004 acquisition of Tibbett & Britten.
Exel plans to raise its dividend by 18%, from 24.7p to 29.2p per share; its shares have already risen in value by 15% this year.
The company says it is pleased with organic growth in business: new logistics contracts are worth £290m a year; up from £210m in 2003.
Exel, which started 2004 with 32,200 staff in the UK and Ireland, now employs 51,700 including the 14,500 staff taken on with Tibbett & Britten. There are plans to create a further 1,500 jobs over the next year.
Chief Executive John Allan says: "Not only have we seen a healthy pipeline of new business, we have also significantly extended partnerships with existing customers such as Texaco and House of Fraser."