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VVincanton turnover approaches E2bn — now it wants more profit
Page 20
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UK HAULAGE giant Wncanton moved closer to an annual turnover of £2bn last year, but its profit margin remained below 2%.
The company made a pre-tax prof it of £32.6m in the year to 31 March 2007 (up from £31.3m in 2006) on a turnover of £1.93bn (up from £1.81bn). VVincanton chief executive Graeme Mc Faull described the results as a "good profit performance".
A spokesman stresses that the profit margin has risen for the past two years, with the 2007 figures up 10% following a 9.9% increase the previous year.
He adds that the company's performance in the UK was bet ter than on the Continent: one of its aims on the Continent next year will be to "focus on the margin" and bring it closer to 4%.
McFaull explains: "There are significant opportunities for continuing growth in the UK. Our investment in mainland Europe will deliver profit progress in the medium term.'
City analysts are happy with the results; Dresdner Kleinwort describes them as "solid" and Cazenove points out that they are "slightly ahead of expectations". Cazenove adds: "We believe the company will continue to target further acquisitions this year."