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Christian Salvesen
Page 17
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profits fall to E4.4m UK PROFITS AT the troubled logistics group Christian Salvesen fell by more than 50% to .£4.4m between April and September compared with the same period last year.
The company says competition is forcing down margins in contract logistics, making it difficult to achieve high levels of service at an affordable cost.
But chairman David Fish says contract retention rates in the UK have improved and several new contracts have been won,including deals withTesco and Sainsbury.
"Our markets remain competitive," he adds. We can't change that. Instead, we are changing the business to become more customer focused."
According to Fish, merger talks with TDG earlier this year stalled at a preliminary stage because "it became clear that we could not reach a shared view on how this might be achieved, and we agreed not to proceed further".
Salvesen has appointed Stewart Oades as new chief executive following the departure of Edward Roderick in May (CM 3 June).
Oades is moving to Salvesen from Exel, where he was chief executive of contract logistics in the UK and Ireland.