NFT Distribution reported profit up but turnover down in its first trading year under the ownership of private equity backer EmergeVest.
For the 12 months to 31 March 2015, turnover fell 4% to £162.6m, compared with £169.4m the previous year. Pre-tax profit rose 28.7% to £2.2m.
NFT said the dip in turnover was mostly due to a reduction in volume-related pass-through costs in open-book contracts, and lower fuel surcharge revenues. However, it also cited 18 new customers being added to its shared user network, and a 31% increase in profit from its national freight exchange as areas of growth.
After the close of the financial year, NFT broke ground on a temperature-controlled warehouse facility at the Port of Tilbury that will start operating in spring.
In April 2014 NFT’s previous private equity backer, Phoenix Equity Partners, sold its shareholding in NFT Distribution Holdings to EmergeVest. During its financial year it secured £42m of banking facilities with Investec.
- See Motor Transport 4 February issue for a report on NFT’s investment in the Port of Tilbury.
