Tuffnells show strength in year of change
Tuffnells Parcels Express saw a rise in turnover to £‘78lm for the year ended December 32 2005, fromf75.7min 2004. Pre-tax profits fell to £3.9m from 4.1m in 2004.
The directors state: “The present intention is to continue the growth and the development of the existing business of the company and the directors consider the future prospects to be satisfactory”
The number of employees at the company was 1,695 in 2005, up from 1,371 the year before. Of this 1,262 worked in haulage in 2005, compared with 1,025 in 2004.
Staff costs were £25.6m in 2005, up by £1.lm over the year before. The directors recommend payment of a dividend of £2m in 2005, compared with £2.8m in 2004.
Tuffnells’ results look good, considering the tough trading conditions in 2005 and that the company went through change in ownership following a management buy-out led by chief executive Lloyd Dunn, formerly with TNT.
The f33m buy-out was backed by Bank of Scotland.
Finance director Bill Rogers, who formed a two-man executive board with Lloyd Dunn at the time of the buy-out, left two weeks ago in a move that surprised staff
Dunn was away on holiday this week and no details are available.
Financial reports
Motor Transport’s new financial reports highlight the performance of Larger private companies as well as the publicly-traded groups. They show the firms that are strong and doing well and others that are undergoing teas comfortable change.
