II Hanging garment and clothing carrier Tibbett & Britten has
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fulfilled chairman John Harvey's financial forecast for 1986 by increasing its pre-tax profits by 75% to 23.4 million (g1.94 million in 1985), and raised its turnover by 11% to over 236 million.
About half of T&B's turnover currently comes from business with Marks and Spencer, although the group is developing in other areas as well, including expanding its warehousing operations. According to Harvey, T&B can expect to maintain its growth rate in 1987.
Management-owned T&B has completed the purchase of Elida Gibbs' 9.7 hectare national distribution centre in West Yorkshire (CM October 18). This will contribute to earnings during the year. The company's West Thurrock regional distribution centre for Marks and Spencer is now also fully operational.
Further business expansion for T&B includes the opening of the first 5,574m2 of a new warehousing site at Long Eaton in Derbyshire — expected to come on stream by August. T&B has also acquired a new site in Tunbridge Wells for a distribution centre which could be operational by the end of the year.
The latest warehousing developments will be backed by extra financial resources says Harvey, including new vehicles.