year end reaults13 Jun 2013 10:10
Highlights
· Underlying operating profit increased by 6.2% to £46.5m (2012: £43.8m)
· Further progress in winning higher margin and technology supported contracts
· Increase in operating margin from 3.6% to 4.3%
· Successfully supported London 2012 Games as a key logistics provider
· Delivered important start-up operations and ongoing services in particular for retail convenience store logistics
· Solid performance on new business wins and renewals in tough market place
- new customers include LOCOG and Tilda
- new areas of work for existing customers including Morrisons, the NHS, CEMEX, Rolls Royce, Sainsbury's, BAE Systems and Valero
· Net debt reduced by £6.9m to £107.6m (2012: £114.5m)
Note: Underlying profit before tax and earnings per share are for continuing operations and are stated before net other items of £7.3m (2012: £76.2m), comprising amortisation of acquired intangibles of £7.3m (2012: £8.2m), closure and restructuring of operations and other costs of £nil (2012: £29.1m), onerous property provisions of £nil (2012: £34.1m) and exceptional loss on the disposal of Culina of £nil (2012: £4.8m). Operating profit, including these items, amounted to £39.2m (2012: loss of £(32.4)m). Profit before tax from continuing operations, including these items, amounted to £24.8m (2012: loss of £(47.4)m).