T&B's profits rise to £6.3m
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• Tibbet & Britten's interim results have exceeded bullish City forecasts by reporting pretax profits of £6.3m on a turnover of £84m.
Chairman John Harvey stresses that this growth has not come from acquisitions: "All of our £13m increase in turnover has arisen from growth within the existing business."
B&C) has recovered especially well, says Harvey.
But despite "strenuous efforts" the clothing distribution operation remained in the doldrums showing depressing oper ating margins_
Looking ahead Harvey is optimistic: "The company is financially robust and well placed for future developments in its chosen markets," he says. "We are continuing to actively seek new development opportunities and suitable acquisitions. A number of new contracts will develop into 1992."
It's been a busy six months for T&B. In July it bought the dedicated Marks & Spencer distribution centre at Exeter from Transfleet Services for £5.2m to support the launch of Fashion Logistics in May.
In August it began to take over Digital Equipment Company's warehousing and distribution operation; Scorpio International was bought in June for about £750,000.