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Gist speculation still rumbles on
Page 8
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SUPPLY CHAIN operator Gist made a relatively healthy £29.5m profit on a £316m turnover last year, but its senior directors remain tight-lipped over whether the company is about to be sold.
The past six months have seen growing speculation that Gist might be offloaded following a takeover offer for parent company BOC Group by German industrial gas giant Linde. Analysts have told CM that Gist is a non-core business for both groups and a sale would ease any financial strain brought on by a takeover (CM 2 February).
But BOC director of investor relations. Christopher Marsay,will not comment on the speculation. He says that any takeover plans are first subject to regulatory approval. "The offer made on 6 March was preconditional," he says. "We've received regulatory approval from the European Commission...but we haven't yet heard from the Federal Trade Commission in the United States."
Gist's results for the year ending 30 September 2005 were broadly in line with the previous year. According to the latest BOC Group results for the second quarter of 2006, Gist's revenues increased in the first six months, due to the acquisition of European ternperature-controlled transport operator G Van Dongen Holdings BY, as well as new business with Woolworths.
The company's Hemel Hempstead distribution depot suffered disruption because of the Bunce field oil terminal explosion and fire in December 2005. Costs incurred were mostly recovered during the second quarter. christophentindall@rbi.co.uk