Geodis Group UK reports a significant improvement in profitability for 2003
Geodis has reported a 20 percent improvement in operating profit, a two-fold increase in income, and a 1,000 percent rise in Group share net income, in the financial year ending December 31st, 2003.
Despite a 1.1 percent decline in net sales from EUR 3.25 billion in 2002 to EUR 3.21 billion in 2003, the company posted an operating profit (EBIT) of EUR 61.6 million, up 19.8percent over EUR 51.4 million the year before.
The company attributes its progressive stabilisation in net sales to a slight recovery in the 4th quarter accompanied by an improvement in productivity and a reduction in operating costs.
Income from ordinary activities was up 97.6percent at EUR 44.3 million in FY2003 (2002: EUR 22.5m).
Net income – Group share increased eleven-fold, from EUR 2 million in 2002 to EUR 22.1 million in 2003. Earnings per share – basic was EUR 3.68, 750% higher than last year’s EUR 0.43.
“Geodis looks forward with confidence to a continuing improvement in its performances in 2004, favoured by the international development of its Logistics offer and the systematic development of synergies between its different businesses and sectors of activities,” said the company, adding that it should be able to resume its distribution of dividends in 2005.
