Norbert Dentressangle overcomes weak French market
French logistics provider, Norbert Dentressangle has announced its full year 2003 financial results. The company has once again shaken off the difficult operating environment in its home market to post strong sales and profits growth. Its revenues for the year amounted to €1,222m, an increase of 16% on its 2002 figures. Even taking into account its acquisition of Stockalliance, there was organic growth of 9%.
Profits also grew strongly. Operating profit rose by 4.1% to €50.6m. This would have been even higher (10.3%) apart from losses which it inherited at Stockalliance. Primarily due to this factor, operating margins fell from 4.6% in 2002 to 4.1%.
The company’s Transport Division saw sales rise by 5.7% whilst its operating margin remained constant at 4.4%. Its logistics division experienced a 37.1% increase to €477 million helped by the acquisitions of Stockalliance in France and Cidem in Italy. Logistics revenues now account for 39% of Norbert Dentressangle’s total sales and 25% of these are generated from outside of France. For 2004 the company has forecast that its sales will grow by between 4-6% and its profits should also strengthen.
