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AutoLogic looks to future after 'recent difficulties'
Page 49
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EUROPEAN AUTOMOTIVE logistics supplier AutoLogic made a smaller pre-tax profit last year despite an increase in turnover; it cites relocation expenses and the falling dollar. Pre-tax profit fell 8.7% to £6.3m while turnover rose by 4.4% to £254.7m. The company has spent the past year restructuring and chairman Neil Johnson says:"With the difficulties of the recent past behind us, we are fully focused on further improving the profitability of our core businesses and also believe there are a number of mediumterm opportunities open to us.
"Initiatives implemented over the past year are now delivering results we are confident that with a restructured business and a strengthened balance sheet, we can build on these achievements."
In 2006 AutoLogic sold its Walon France business and its Spanish freehold property, reducing its debt by £102m to £30.4m.