Tibbett & Britten Prelim Results for 2002
LONDON (AFX)
Logistics group Tibbett & Britten PLC held 2002 profit steady
against what it described as an uncertain economic backdrop and said the current
year had started positively.
“There is evidence that deferred outsourcing projects have been reactivated
and we expect continued growth in our major markets, despite economic
uncertainties and weak volumes in mainland Europe,” said chairman John Harvey.
Operating profit for the 12 months ended December was 35.3 mln stg, down 3
pct, though turnover was up 11 pct at 1.52 bln.
After some 16.1 mln stg of exceptional items and goodwill writedowns and
including interest charges, the 12-month pretax surplus was 13.3 mln stg, up
from a 7.4 mln loss a year earlier.
The company is paying a final dividend of 17.4 pence a share, up from 16.8
pence, and said annualised revenue from new business was 212 mln stg.
Overall in 2002, Tibbett & Britten reported continued growth in the
Americas, a strong UK second-half performance but said it had been hit by a
slowdown in orders in the euro zone.
RNS Number:6037I
Tibbett & Britten Group PLC
12 March 2003
12 March 2003
TIBBETT & BRITTEN GROUP PLC
PRELIMINARY RESULTS FOR YEAR ENDED 31 DECEMBER 2002
Tibbett & Britten Group plc is a leading UK based international contract
logistics and supply chain management Company. Over 90% of the business is
based on long-term contractual relationships with major blue chip manufacturers
and retailers.
HIGHLIGHTS:-
* Good underlying performance despite uncertain trading environments.
* #212m of annualised revenue from new business.
* Strong levels of contract renewal across the Group.
* Continued growth in Americas; strong H2 UK performance; impact of
slower Euro zone.
* Sustained international momentum, with China outperforming.
* Mexican acquisition being successfully integrated in line with plans.
* At constant exchange rates, turnover up 11% to #1.52 billion (2001:
#1.35 billion); operating profit down 3% to #35.3m (2001: #37.4m).
* Strong free cash flow.
* Dividend for year up 4% to 25.3p (2001: 24.4p).
* Positive start to current year.
Commenting on the announcement Chairman, John Harvey, CBE, said:
“Generally, this year has started positively. There is evidence that deferred
outsourcing projects have been reactivated and we expect continued growth in our
major markets, despite economic uncertainties and weak volumes in mainland
Europe.
New logistics opportunities are inherent in extended supply chains as the
accelerating global migration of manufacturing and the development of
trans-national retailing gathers pace. As a result of our sector concentration
on consumer markets and our strategic geographic presence, we are particularly
well placed to exploit these opportunities.”
Enquiries:
John Harvey, CBE, Chairman
Mike Arrowsmith, Chief Executive
Mark Whiteling, Finance Director
Telephone: 020 7796 4133 (on 12 March 2003 only)
020 8327 2000 (thereafter)
Andrew Hayes/Jessica Rouleau/James Hill, Hudson Sandler
Telephone: 020 7796 4133
CHAIRMAN’S STATEMENT
Introduction
The Group made good underlying progress in more uncertain trading environments
and, despite a poor European summer, saw a welcome improvement in second half
year trading.
As over 70% of our turnover derives from North American and UK markets we are
less exposed to the difficulties of the major Euro zone countries.
Furthermore, our strategic focus on consumer related sectors, coupled with long
term contractual relationships, has proved more resilient than transactionally
