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Salvesen review in UK
Page 20
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CHRISTIAN SALVESEN increased its turnover by 10% to £899m last year, but its profits fell by a greater percentage the company blames poor trading in its UK transport division.
The logistics company's profits fell to £12.5m in the financial year to 31 March 2007, down from £15.4m the year before; turnover rose £80m to £899m, The results give Salvesen a profit margin of less than 2%. which is typical for UK haulage Winca nt on has also failed to break the 2% barrier (see right).
Stewart Oades.Salvesen's chief executive, says: "The markets we operate in are highly competitive and the performance of the UK Transport lunit] is not acceptable.
"We've completed a thorough review of this business unit and have put in place plans to move it back into prolit. AI though this will take time. UK Transport is an essential part of our strategy to create a pan-European shareduser business.., we expect revenue growth to continue.