City Link narrowed its losses by 54% in 2012, but a reduction in volumes from higher margin B2B customers meant that its performance was behind the expectations of parent company Rentokil Initial. The parcel firm’s pre-tax loss shrunk to £35.9m for the year ended 31 December 2012, from a loss of £78.3m in 2011. City Link said it the reduction had come from improvements to driver efficiency, which saw it move to a variable pay scheme for owner-drivers and improve drivers’ routes. It also reduced trunking, warehouse […]
Rentokil Initial has sold City Link to turnaround investment firm Better Capital.
Government road projects generating demand within the construction sector helped Bowring Transport perform strongly last year, according to its latest annual results.
In November, City Link’s parent Rentokil revealed the express parcels firm had recorded a loss for the first nine months of the year of £24m, albeit £1m less than that posted in the same period of 2011 on revenue up £7m to £225m. Nevertheless Rentokil chief executive Alan Brown reaffirmed his faith in the management team City Link MD Dave Smith has assembled – largely from former colleagues from Royal Mail – and the latest three year recovery plan that […]