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2004 proves excellent for Exel
Page 28
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Recent acquisitions have provided growth and strategic advantage for logistics companies as Exel's encouraging results for last year demonstrate
Exel has released encouraging 2004 results, showing a 25% leap in turnover to £6.3bn, as well as a 17% increase in operating profit to £181m. Due to the acquisition of Tibbet & Britten in mid-2004, Exel is now the global number one in contract logistics, with a divisloral turnover of E3.8bn. Freight management, meanwhile, also saw revenue and profit margin increase. Intense competition and low profit margins in recent years have forced logistics companies to seek acquisitions to provide both growth and strategic advantage.
For example, T&B granted Exel access to markets in North America and Asia, as well as strengthening its hold in the non-food retail sector. Although Exel has ruled out any additional large scale purchases in the next two years, in Datamor itorS opinion future consolidation in the logistics sector is inevitable.