NFC's £9m
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THE NATIONAL Freight Company, in its first full year of operation, made an operating profit of £9.7m on a turnover of £438m for the year ended October 3, 1981.
After interest, the company returned a profit, before extraordinary items, of £4.3m.
The NFC Group balance sheet reflects net assets of £90.9m, financed by a share of capital of £5m, reserves of £83.9m and debentures, loans and interests of minority shareholders amounting to £2m.
There was £29.2m investment expenditure, including assets, during the 12 month period.
Commenting on these results, NFC chairman Sir Robert Lawrence said that the transport industry was still suffering the effects of a depressed economy. The decline in business volume had continued throughout the year, particularly in manufacturing industry, although by the autumn the revenue was showing signs of stabilising.
The company's parcels activities remained unprofitable, although restructuring has since put them in a better position.
However, the transport, distribution, storage and travel sectors have shown sustained profits in a difficult year.
"We are facing the future with lower operating costs, reduced overheads and a smaller but more productive workforce/' Sir Robert said.