profits boost
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• NFC boosted its pre-tax profits by 34% to 290.2 million in the year to 30 September l989.
In the year it went public, NFC's turnover rose 19% to 21,493.8 million. Operating costs jumped by 27% to 2114.4 million. However, chief executive Jack Mather admitted that the end-of-year figures "disguised a range of mixed fortunes in our operating sectors". Worst hit in the UK were house removals, with Pickfords suffering a 20% drop in moves.
Difficulties in cold storage continued and profits in truck rental slumped, leading NFC to reduce its truck rental fleet.
Profits in NFC's transport division rose from 232.1 million to 237.2 million. The logistics sector increased profits from 222.3 million to 229 million, and home services boosted its profits from 220.4 million to 225.1 million.
NFC directors predict a turnover of 21,650 million for 1990 (up 10.5%). Pre-tax profits are expected to rise more than 16% to 2105 million.
NFC company Exel Logistics has announced a 30% increase in profit to £29 million on turnover, up 11% to 2339 million in 1988/89.
In the next two years more companies will consolidate, predicts Exel Lostic's divisional managing director, Robbie Burns: "We expect a number of new business signings, plus expansion in Europe." Exel will start by concentrating on France, Germany and Spain.