TDG profits slide is no bar to European growth
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• Transport Development Group has 2,30m set aside for European acquisitions despite half-year profits sliding to £16.5m compared with £.17.8m last year.
TDG blames the downturn on poor performances from its American and Australian subsidiaries. The company has decided to close the British operation of Firth Distribution which has turned in a £600,000 loss. Firth will continue to operate in Northern Ireland.
The UK distribution division was reduced from eight to four companies as part of TDG's rationalisation programme (CM 13-19 June). Its half-year profit is down from £5.1m to £4.8m.
Group services director Jim Wishart says TDG is in much better shape than a year ago, although its transport division has also slipped, from £3.1m profit in the first half of 1990 to £2m in 1991, European profits rose to £18.8m.
0 Richard Elviss, who was the deputy managing director of Linkman, TDG's tanker company, has resigned and joined Hoyer (UK),