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Christian Salvesen boosts its
Page 18
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turnover by 7% in six months
Despite tough trading conditions, Salvesen has won a string of new
contracts — but margins are under pressure. David Harris reports.
LOGISTICS FIRM Christian Salvesen has managed to increase its income by around 7% in the six months to the end of September this year.
But the company admits that "margins in many [of its] markets are under pressure"; its shares fell by 4p to under 70p on the day the news broke.
A spokesman explains trading at its UK and Iberian businesses have been particularly tough and in the UK it has been cutting costs to improve efficiency.
Salvesen also plans the sale and leaseback of part of its UK property holdings, which will result in an exceptional gain of £27m in the first half of 2006.The full interim results for the six months to 30 September are due to be published on 5 December.
Salvesen has won a series of new contracts since June, including work for blue-chip clients including Marks & Spencer,Tesco, Inter Link Foods and Goodyear Dunlop.
The company. which was once the largest whaling company in the world, now employs 13,000 staff and operates in more than 200 sites in seven countries.