Boughey Distribution parent NWF Group saw turnover at the division drop 14.2% last year and operating profit halved, due to difficult market conditions and poor consumer spending in supermarkets. Its financial results, published today, showed that turnover at the grocery distribution business fell to £36.4m for the year ended 31 May 2013 (2012: £42.4m), while operating profit halved to £1.4m, down from £3m in 2012. Despite winning some small contracts, the business had some spare storage space and volumes remained […]
City Link failed to turn a profit on Friday posting a pre-tax loss of £26.4m while turnover for the year was up 4.8% to £321.7m. Rentokil was disappointed and said the “financial performance in the year was behind our initial expectations”.
Transport firms are riding the current Stock Market bubble. This week the FTSE 100 hit its highest level since October 2007 (6,755 on Monday to be precise). While none of the six operators in the MT Tracker basket of transport shares are anywhere near making the FTSE 100, or the FTSE 250 for that matter, the total value of the basket hit a record high today of 1,842.
Boughey Distribution’s profit took a hit after it ran out of warehousing space and was forced to outsource some of its storage operation last summer.