Tiphook's profits rise by 129%
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• Trailer and container rental group Tiphook has announced year-end profits which have soared to £76.1m from last year's £33.1m — an increase of 129%. Most of the growth came from outside the UK.
But the group's UK trailer rental operation, which includes Central Trailer Rentco, only broke even.
Tiphook says: "In the UK rentals to the food and beverage sectors held up well, but demand fell from other retail and manufacturing businesses, reflecting their own lower output." The group's worldwide turnover was £303.1m, compared with £174m in 1990. The trailer division accounted for £128.6m of the total and containers brought in £142m, compared with £76.2m and £71.2m respectively in 1990.
The group says the results reflect the "international spread" of its activities. Germany and Denmark were the most buoyant European markets. "The fact that no single country or customer is dominant in our business limits our exposure to recessionary pressure," says executive chairman Robert Montague. The group added 7,400 units to its UK trailer fleet with the acquisition of Trailerent in May and United Rentals in August 1990.