1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198 
Nightfreight profits down 50%
Page 7
If you've noticed an error in this article please click here to report it so we can fix it.
NIGHTFREIGHT'S PROFITS fell almost 50% last year as uncertainty over future profits and cashflow led the parcels and logistics business to review its practices. Chief executive Robert Kelly has resigned: chairman Tim Redburn is assuming an executive role.
Only a week after Business Post blamed tough trading conditions for its 25% fall in pre-tax profits, Nightfreight is talking of "hardening economic conditionsin the parcels sector.
For the 12 months to 30 November 2004, Nightfreight's turnover rose from £102.4m to £110.9m — but at the same time pre-tax profit fell from £9.6m to Om.
The company's expansion into shifting irregular-shaped loads through its IDW Network has proved difficult. Its directors' report states: -Trading conditions in the latter half of 2004 were not as strong as previous years, reflecting hardening economic conditions over the period and mirrored in the wider market as a whole." But it describes its home delivery service for IDW products, Deliver2Home, as"extremely successful".
Following a secondary management buy-out in July this year. the company embarked on Project Apple' to focus on service performance, structure and commercial development.
According to the report: "Project Apple has resulted in wide-ranging changes and improvements to all aspects of the business, backed by considerable investment that will continue in to 2005 and provide the platform for sustained future growth."