Poor exchange rates negated turnover growth in the UK division of XPO Logistics, according to the group’s 2016 figures.

The former Norbert Dentressengle’s UK operation recorded turnover of €1.53m (£1.29m); a 1.7% drop compared to 2015’s €1.55m.

However the group said that turnover in the UK had actually grown, and said at a constant exchange rate its turnover would be up 11%.

Reporting to investors in the US, it noted that organic growth in XPO’s Logistics division had been offset by “the adverse impact of foreign exchange rates”.

Adjusted to discount changing exchange rates, the UK division of the group experienced the most growth in the continent, followed by Spain’s recorded growth of 1.1%.

MD of distribution solutions for the UK and Ireland Dan Myers told Motortransport.co.uk: “The business was very much about growth. Acquisitions may form a small part of what we do in the next year or so, but we’ll be looking to grow with our existing customers.

“Cross-selling key part of our strategy at group level, so dialogue between different divisions and different geographies is crucial. Business growth agenda, good fit business, we need to grow properly and profitably, and that’s our mantra,” Myers added.

Turnover was up 0.2% in XPO’s European operation, at €5.42bn (2015: €5.41bn). However the group’s turnover grew by 98% in 2016, reaching $14.6bn (2015: $7.6bn).

Last year, XPO said it was intending to “ramp up” its European operation over the course of 2016.

Myers added that the group had offered the UK operation strong financial support since the takeover in 2015.

He said: “There’s been no difficult getting hold of the capital to support our growth, no delay in terms of decision making. The group still believes, as Norbert Dentressengle believed, that the information is held locally, and that’s where the best decisions are made.

“I’ve never had anything that I’ve ever put forward in terms of new business and funding it rejected.”