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Argos gives key to TDG
Page 14
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LOGISTICS giant TDG has won a multi-million-pound, five-year deal to manage Argos's first Scottish regional distribution centre.
The move will create more than 200 new jobs at its site in Mossend, which will serve 80 stores in Scotland and Northern Ireland.
The firm's 2003 results show it made a pre-tax profit of £22.6m, which is on a par with last year. However, turnover fell 5%, from £566.6m in 2002 to 5_540.9m.
TDG has now completed its withdrawal from direct operations in France citing dwindling profit margins; as predicted this cost it £16m. Moves to cut operating costs have cut its net debt by £10.8m to £26.4m.
David Garman, TDG chief executive, says: "TDG put in a resilient performance in 2003, in the face of very challenging trading conditions across the industry. We have made an encouraging start to 2004, with new business wins already close to half the level achieved for the whole of 2003.
"The costs associated with these higher levels of business wins will mainly be borne in the first half of 2004," he adds.
TDG's shares rose 7% to 12.26 with the news.