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• by Emma Penny Christian Salvesen's profits have plunged by 25.7%, despite a 13.2% increase in turnover.
Page 11
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Announcing the company's full-year results to 31 March 2002; chief executive Edward Roderick admitted that it had been "a year of mixed fortunes for Christian Salvesee with clear progress in some areas of our business outweighed by disappointing performances elsewhere".
Turnover rose to £1135.3m, while pre-tax profit fell to 329.2m. Operating profit plummeted from £21m last year (which includes the group's discontinued operations) to just £5.9m. However, the group also faced total "exceptional costs" of .£15.9m.
While the food and consumer division has performed well, Roderick said the industrial division, which represents about half of Salvesen's business, has "been the casualty of a deep downturn in manufacturing, and in the automotive sector in particular".
However; he said that putting new, but highly experi
enced management teams intc failing areas such as thc German and Spanish industria divisions was already payir4 dividends, with new businest being wan and a rigorous facm on cost and efficiency: "Them action plans... provide us witt the tools we need to rester( profitable performance."