UC to raise up to Min in Market
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• Parcels and freight group United Carriers' 3 March flotation will raise Om of new money with which it will add depots, mainly for its parcels business.
The placing, which is expected to raise between £22rn and £25m in total, is also aimed at paying off a 38% venture capital stake which funded a management buy-out in 1989.
Investment is needed as present sites are unable to cope with demand, says the group: since 1989 it has concentrated on driving up revenue per consignment.
In that time, average consignment weight has risen from 50kg to 72kg as United Carriers added premium services to its offer.
Li Operating profit for the year ended 31 December rose 15.6% to £5.25 million; turnover rose from £93m to £106.4m—Illm of this accounts for Carpet Express' sales since its acquisition in March 1993.