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Exel feels the pinch
Page 14
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• by Chris Tindall Exel's profits fell last year because of "difficult market conditions", but the logistics giant says it has made a "positive start" to 2002.
Profits for Exel's freight management arm fell 10% last year to £57.3m, but the contract logistics operation managed a slight rise of 0.2%.
The firm says that although markets remained subdued, trading so far is ahead of last
year. Chief executive John Allan describes volumes as "modestly positive"; he thinks the group will match market expectations.
Exel was formed from the merger of Ocean and NFC in 2000. According to Allan it won £600m of business last year, but air-freight operations were hit very hard by the US terrorist attacks which wiped 15m from its profits.
• Fellow logistics operator Tibbett & Britten boosted Its
revenues by 50 last year, to £1.406m. Its position in Europe "substantially advanced" and operating profits were up 1000. Its second-half year performance was stronger, particularly in the UK.
Chairman John Harvey says: "Vie have seen no slackening of demand in a developing market, now driven by macroeconomic change, outsourcing and increasing sophistication."