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Seafield restructuring turns big loss to profit

3rd October 1996, Page 11
3rd October 1996
Page 11
Page 11, 3rd October 1996 — Seafield restructuring turns big loss to profit
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Which of the following most accurately describes the problem?

• Spatield, the Canterburykise.d transport, warehousing and distribution group, has turned a £3.0m loss into a .£121,000 half-year pre-tax profit by restructuring its international haulage business.

Managing director Lyle Noble says: "We focused on Italy and France, where our best markets were, at the expense of the Northern Europe route."

Seafield's powder tanker division has also won two new contracts which should boost profits for the full year.

Brian Chilver has decided to stand down as chairman, "now that the problems of the past are behind us". He is being replaced by Peter Duffy, who comes from outside the industry but has extensive experience in the City.