Jobs are at risk as NFC posts stagnant results
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• Speculation that hundreds more jobs are set to go at the Exel Logistics/BRS merger grew last week as management at parent NFC came under increasing pressure to improve its disappointing financial results.
The declaration from the board that hundreds of jobs will have to go within NFC is viewed by City analysts as a warning for both staff in the newly merged Exel/BRS organisation—now known as Transport & Logistics UK— and NFC's Bedford centre.
Chairman James Watson says it is too early to say where the axe will fall within NFC. In a statement with its latest batch of gloomy financial results, the NFC board says it expects pressure on margins to continue. It has therefore "increased its focus on cost reduction measures in addition to the completion of the restructuring process".
E NFC's revenue of £2.035 billion was 7% higher than the previous year, but operating profit was down 2% to £ 114.2m, in the results for the year ending 1 October 1994.
Transport & Logistics UK increased revenue by £ 7.4m to £822.1m but operating profit was stagnant—rising by only £300,000 to £60.4m.