Securicor parcels profits fall
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• Profits from Securicor's parcels business have fallen by nearly 70%, even though its parcels arm, Securicor Omega Express, has won a small increase in market share.
In 1990 parcels made more than £9.5m pre-tax profits for the Securicor group — this fell to £2.3m in 1991. Yet the operation gained "many new contracts" which Securicor claims gives it 12% market share, compared with 11.2% last year.
"The slump in the high street has hit this sector badly — parcels are reactive to the vagaries of the economy," says Securicor financial director Chris Shirt
cliffe. Overall, the group suffered a decline in pre-tax profits from £51.9m to £33m. Chairman Peter Smith says performance improved in the second half.
The communications sector also declined. Profits from mobile phone network Cellnet fell back from £38m to £31.8m — this was further slashed by a 2.9m loss incurred by Cellular Services and Datatrak. "Datatrak is building a subscriber list — we look to it as a mediumterm success," says Hinchcliffe.
Security Services profits were down from £8.3m to £6.9m, and Business Services, from £4.5m to £3.3m.