TOG bosses' shake-up on cards III The Transport Development Group
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is hoping a management shake-up and a more "forwardthinking agenda" will turn the business around after the group's half-year prof ts plum
meted. The company's interim results, released last week, showed operating profits before interest at £13.4m compared with $17.5m in 1998—a .£41m drop. The Novacold division has been worst affected after the EU directive to reduce coldstore meat reserves saw its stock levels "more than halved" this year. In the bulk tankers sector TDG Nexus has also witnessed a 10% drop in demand for bulk polymers and chemicals and a 20% drop in whisky volumes.
Group chief executive David Garman admits the price of fuel has been "part of the inflationary pressure" but adds that the problem has been offset "through training and performance measurement."
In a bid to improve results, Garman says he will be shortening management lines of communication.