TOG reports 'attractive growth opportunities'
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TDG,TnE HEDGE-fund-owned logistics firm, is performing well, according to a trading statement issued last week by its owner, DouglasBay Capital.
The statement reveals that the firm has maintained its underlying operating profit on a like-for-like basis, despite a 10% decline in turnover, although it notes that this is before restructuring costs and sale and leaseback deals It adds: "This is an outstanding achievement, and it compares favourably with the firm's peers focus on deepening existing relationships has led to a strong development pipeline, with some attractive growth opportunities:' Cash flows and property sales. totalling £40m in 2009. were used to repay hank debt taken on at the time of the acquisition.
Two development sites in Carnforth, Lancashire, and West Hallam, Derbyshire. were also transferred from TDCr to another part of Douglas Bay.
Further "deleveraging" will take place in 2010, the company says. using TDG's operating cashflow and additional property sales.
TDO is now "well-placed to take advantage of improving economic conditions". it adds.
• TDG has acquired Hungarian firm RRS Logistics as it attempts to expand its eastern European operations.