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Page 6
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• High interest rates, volatile fuel costs and some poor transport performers forced Transport Development Group profits down by £5.6m to £41.5m last year.
UK transport was the hardest hit, with profits sliding almost 40% to £7.7m. TDG chairman Sir James Duncan says some weaker companies have already been restructured with management changes, and many will also have a change in direction: "Some businesses will be getting into niche markets and away from general haulage services," he says.
Parcels firm Tuffnells "had a struggle in 1989", Sir James admits, but he says the company is expecting trade to improve during 1990. Poor trading conditions have also forced the TDG to slash investment in 1990 by 50%.
European transport profits fell too, from £8.7m to £8.5m, to contribute just over 22% of the group's profits. Sir James says he eventually wants to see more than 50% of operating profits coming from overseas interests.