Hungry Hays makes quality a priority
Page 12
If you've noticed an error in this article please click here to report it so we can fix it.
• Acquisition hungry Hays is on the look out for "quality businesses in the UK" after its distribution division's profits rose 13% to £38m on a £304.2m turnover in the last financial year.
The company also wants to expand on the Continent. A nationwide distribution firm in Spain is at the top of its shopping list, says executive chairman Ronnie Frost: "We are continually looking to expand and will look at quality businesses in the UK which will add to our value," he says.
"We will take our time to find the right opportunity in Spain and we would prefer to go for a big national company."
The group's pre-tax profits rose by 20% to £66m, helped by strong performances by Hays Specialist Distribution. Group turnover rose by almost £100m.
But other divisions in the transport arm did not perform so well. Profits at Hays Network Distribution were well down and a new management team has been installed to halt the slide. Margins also plummeted in the chemicals distribution division, where competition is particularly severe.