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Pension payout hits profits

18th October 2007
Page 7
Page 7, 18th October 2007 — Pension payout hits profits
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Which of the following most accurately describes the problem?

A.L56M CONTRIBUTION to its pension fund wiped out any pretax profit at the retail and grocery haulage specialist Gist in 2006.

The Basingstoke-based firm, whose former parent DOC sold it to Linde in September 2006, still operates a final-salary pension scheme, although it has closed this to new members.

Gist boosted its turnover from £316m in the year to 30 September 2005 to £443m in the 15 months to 31 December 2006. It has changed its financial reporting date in line with Linde's practices.

Largely because of the pension contribution, a £29m pre-tax profit in 2005 turned into a £29m pre-tax loss in 2006. but this seems likely to be reversed again in next year's accounts.

A company spokesman claims: We are in a very healthy position." Gist's customers include Marks Sz Spencer, British Airways and Carlsberg.

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Locations: Basingstoke

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