Mbett & Britten posts profit rise
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• Specialist distribution group Tibbett & Britten has announced an 11% increase in pre-tax profits to £26.9m for the year ending 31 December 1994.
The figures are in direct contrast to the disappointing results recently posted by competitors NFC and Transport Development Group both of which have complained about tight margins and generally poor trading conditions.
Tibbett & Britten's turnover rose by 28% from £360m in
1993 to £464m in 1994, with 90% of revenue generated on contract work.
Analysts point to profits on property dealings that have helped the figures but say the results even up when losses sustained during last year's strike at its Middleton depot are taken into account.
The car distribution arm Axial and the recently formed Fashion Logistics division experienced some trading difficulties and should perform better in the future, say analysts. The good figures stem from the large number of new contracts signed, including CPC Ireland, Mars and Sears and an increase in work outside the UK.
Tibbett & Britten says it is involved in negotiations with Dutch publishing giant 17NU to buy its magazine distribution subsidiary Metra Media Transport.
The 60-truck operation runs in The Netherlands, Germany, Italy and the UK.