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Air and sea supports road
Page 18
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Sea and air freight have boosted Davies Turner's profits and helped offset poor performance in its road transport division. David Harris reports.
FREIGHT FORWARDER and logistics company Davies Turner saw its turnover and profits edge upwards last year, according to the company's latest figures.
In the year ended 31 March Davies Turner Holdings' turnover rose to .€125.5111, which was Lim higher than the previous year, with pre-tax profits up slightly to £2.9m compared with £22m the year before.
Joint managing director Philip Stephenson reports that the company was pleased with business in the past year, although it was aiming to increase profit as a proportion of turnover. "Clearly, increasing our profitability is a central aim," he says.
Stephenson adds that the company is particularly pleased to have paid off the money it borrowed to buy back a large tranche of its shares from venture capital company 3i at the end of the previous financial year, DaviesTurner, which was established in 1870, has 700 staff and operates divisions specialising in land, sea and air freight in addition to its warehouse business.
The company regards the divisions as mutually supportive, although in 2005/06 the air and ocean sector performed better than its road haulage operations. In particular, the financial report says that "international trailer services and the worldwide moving business, together with line art packing had to face very difficult trading conditions".
Stephenson says that both turnover and profits have continued to rise in 21116 and he is confident that both will be higher when the next figures are published. The company is particularly targeting Eastern European business, which has increased partly as a result of the expansion of the European Union.