Norbert Dentressangle (ND) has revealed a first-half consolidated revenue increase of 13.3% to €1.9bn (up from €1.7bn in the same period last year) despite struggling with volumes.
Like-for-like growth remained flat, dipping by 0.2% compared with H1 2011, which ND attributes to a sharply deteriorating European economy during the second quarter.
ND’s transport division took a 1.3% hit on a like-for-like basis (consolidated revenue is up 7.7% to €1bn), which the company says is due to a sluggish economy, with new business gained not making up for lower volumes from existing customers.
However, this was bolstered by strong results from ND’s logistics business, especially in the UK which now represents 42% of the division’s revenue, with revenue up 2.6% on a like-for-like basis, and an 18% rise in consolidated revenue to €862m.
CEO Francois Bertreau says: “ND is holding up well by managing to maintain its operating margin at a time when the business reflects the difficulties of our industry and retail customers on their own markets. Our performance boosts my confidence in our ability to cope with future fluctuations in the economy.”
Group EBITDA (earnings before interest, tax, depreciation, amortisation and provisions) was down 4.5% to €118.1m from €123.7m in 2011.
However group EBITA rose by 9.2% over H1 2011 to €64.3m, with an operating margin holding steady at 3.3%.
Transport EBITA was up from last year’s €26.8m to €31.7m and operating margin was up from 2.8% to 3.1%, which ND says reflects how staff managed to rapidly adapt transport capacity while maintaining productivity in the face of a sharp decline in volumes.
Logistics, meanwhile, posted a drop in EBITA to €30.8m compared with a record figure in H1 2011 of €31.6m. Operating margin dipped from 4.3% to 3.6%.
In addition, ND has signed a deal to sell its former TDG bulk fuel storage facility in Dagenham to Norwegian firm Stolt-Nielson.