T1P expands German fleet
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• Trailer rental company TIP Europe boosted its year-end turnover to £92.6m from last year's £54.9m. Net profit, which was hit by the rises in interest payments, was 215. 5m.
• Chairman Jim Cleary says the company is enjoying growth across the board and has been "particularly busy in Germany" where TIP intends to further expand its fleet.
That fleet now includes 19,000 trailers, with the UK market accounting for 10,500. The UK fleet grew by 25% last year, mainly by the purchase of new vehicles, but on average 30% of the UK fleet was standing idle at any one time.
TIP's ambitious fleet expansion contributed to interest payments of £13.8m — up nearly £8m.
"We've bought a lot over the last two years," says Cleary, "but we've got a big fleet now. That's not to say we won't be looking at opportunities as they come up."