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TIP takes profit trail
Page 22
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• TIP Eurqpe, market leader in trailer rental, made pre-tax profits of £3.8 million in the six months to 31 January, up from £2.9 million.
The results are the first to be published since the company was floated in Britain and Holland last month.
Now TIP plans to expand into Spain and will announce plans for a new depot there next month. Italy and Portugal are also being looked at as future areas, while all existing markets will be developed — particularly Germany.
Take-up from the flotation has been "remarkable", and has paid debts from the management buyout in 1986 which was led by company chairman Jim Cleary.
The flotation raised a total of £17.5 million and valued the company at £83.1 million. Total income over the six months was £17.1 million, up from £15.5 million in the 1986 period. The company's success will lead to extended credit, which will be split between expansion and renewal.
It owns 10,000 trailers, each with an average life of 10 years, which means that 1,000 must be renewed each year to update the fleet. TIP's biggest rival in Europe, Tiphook, has already expanded into Germany by buying trailer rental company Kassbohrer.
The new acquisition makes it the largest rental firm in that market: TIP owns about 1,000 trailers in Germany (CM 24-30 March).