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CitySprint back on acquisition hunt after pre-tax profit rise

2nd September 2010, Page 8
2nd September 2010
Page 8
Page 8, 2nd September 2010 — CitySprint back on acquisition hunt after pre-tax profit rise
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CITYSPRINT EXPECTS to restart its spending spree after enjoying a 32% jump in pre-tax profit for the first half of 2010.

The courier tells CM it experienced 18% revenue growth for the six months to 30 June, compared to the first half of 2009. During the same period, pre-tax profit rose by 32%.

-This very successful perform ance has been driven in equal measure, both by acquisitions and also through organic growth as we extended our market share and sector coverage," Andrew Bernard, CitySprint chief executive tells CM.

The company slowed down its purchases after making 16 acquisitions between late 2008 and 2009. It acquired just one business during the first six months of this year, when it snapped up Goldstar Couriers in March (CM 4 March).

However, Bernard reveals: "We are currently in negotiations with a number of acquisition targets within the same-day sector. We anticipate concluding these transactions over the next six months."