IDG's haulage profits fall
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1 The Transport Developnent Group had a rough ride or the first six months of its inancial year with UK transiort profits falling by 40%. Although turnover for the ;roup increased by more than 36 million to 2271.1 million, ire-tax profits dropped nearly :I million to 219.2 million. Group chairman Sir James )uncan says the decline in proits was due to costs of reirganising its parcels business, high level of competition and ;orne poor company perforners. White goods and some ood market sectors were hit tardest, says Sir James. TDG says strong corrective ;Won has been taken against ;ome transport firms and the mtlook for the longer term is me "of strength and optim ism". Several transport firms are being encouraged to expand to attract larger customers, Sir James adds.
Cold storage profits continued to decline. However, warehousing interests increased profits by 25% and Tuffnells, its parcels subsidiary, is returning to profitability.