Nightfreight rings the changes

Nightfreight (GB), which announced a secondary buy-out in July 2005, has reported a 9.8% increase in turnover to £112.4m for 2004—but operating profit was down by more than 47%.
Its IDW Overnight business accounted for £86.5m of turnover in 2004, down 0.6%
The logistics business accounted for £19.6m of turnover, a 26.6% increase on 2003’s £15.5m. The Deliver2Home business made £6.3m turnover in its first year of operation.
The company reported exceptional restructuring costs of £1.1m in relation to its “review of its IDW network business segment and then to develop organisational changes, operational improvements and customer management in order to give the business a foundation for future growth.”
The review, called project Apple, has resulted in wide ranging changes and improvements to all aspects of the business backed by a considerable financial investment, the directors said in their report.
Following the completion of the review, chief executive Robert Kelly left the company earlier this month (November 2) and chairman Tim Redburn assumed an executive role.
The firm’s debtor payments due within one year were £44.2m in 2004, compared with £33.4m in 2003. Creditor amounts falling due within a year were £41.2m in 2004, compared with £32.0m in the previous year.
Nightfreight employed an average of 2,046 people a month in 2004, compared with 1,898 in 2003, an increase of 0.01%. Staff costs increased to £38.4m in 2004, compared with £34.7m in 2003.
Directors’ emoluments were £745,827 in 2004, up from £707,732 in 2003, and there was a £158,305 compensation for loss of office. The highest paid received £136,776, down from £171, 281.

Nightfreight (GB)
Year Ended 30/11/2004 30/11/2003 Change
Turnover (£) 112, 432,886 102,427,550 + 9.8%
Operating Profit (£) 5,022,562 9,577,592 -47.6%
Pre-tax profit (£) 5,126,880 9,653,330 -46.9%