Tiphook profits increase
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• Trailer rental giant Tiphook has revealed half-year profits up by 56% to £39.3m while distribution company Christian Salvesen reports little change from last year, moving from £36m to £36.1m.
Tiphook has increased turnover by 19% to £155.6m — but most of this is from overseas. Its UK rental division, Central Trailer Rentco, has suffered from weak demand as a result of the UK recession. But Tiphook says CTR Germany has performed well, with an increased market share.
Earlier this year Central Trailer Rentco slashed 106 UK jobs and closed 12 of its 35 depots. In the summer Tiphook reported record full-year profits, up 1 2 9 % to £76.1m (CM 22-28 Aug).
At that time CTR managing director Richard Osborne told Corn mer
cial Motor it was unlikely there would be more job losses or depot closures.
Describing the half-year results as 'encouraging", Tiphook executive chairman Robert Montague says they reflect the success of the group's strategy to focus purely on transport equipment rental.
Tiphook says it hopes to benefit from the recently announced proposal to lift all European cabotage restrictions by 1995, enabling EC carriers to operate domestic transport services freely in other member states.
Although Christian Salvesen reported little movement in pretax profit, the company says its trading profit is up 12.9% to £14.9m.
It blames the static result on a period of heavy investment "directed at improving the potential for next year and beyond".