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Strong profits for TOG during offer period
Page 16
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By Roger Brown
TDG HAS INCREASED its profit and turnover in the first half of 2008, despite the company being surrounded by takeover speculation for much of the period.
Operating profit in the six months to 30 June rose 15% to £9.2m from am in the first six months of 2007.
Pre-tax profit increased to £6.9m from £5.8m — a rise of 19% — while turnover was up 16% to £371m from £319.4m.
In February, private equity firm Laxey Partners — which already owned about 22% of TDG's issued share capital — announced an indicative cash offer of 275p for the company (TDG's £222m takeover offer from Laxey Partners', CM 6 March).
In May, Wincanton revealed its intention to make an indicative cash offer for TDG at a value of 281.25p per ordinary share, or 290p when the dividend of 8.75p was included ('Wincanton joins the race to buy TDG', CM 15 May).
Last month, following the withdrawal of Wincanton from the process, TDG reached agreement with Laxey on the terms of a recommended cash offer at 250p per share.
David Garman, TDG chief executive, says: "These results have been achieved despite the distraction of being in an offer period and this is a credit to all our employees.
"There remains considerable uncertainty over economic conditions but we continue to expect our operations to make further progress in 2008."
Meanwhile, TDG has signed a deal worth £11m a year over five years to run the Kellogg's cereals and warehousing operation.
TDG will manage the contract from a new 311,000ft2 warehouse at Trafford Park, Manchester.
Colin Ridler, supply chain director at Kellogg's, says. "There's a great deal of synergy between the way TDG and Kellogg's work, and we are looking at developing this further to make our storage and transport more energy-effective." food