Exel sees profits soar at half year
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LOGISTICS GIANT Exel says it has made a strong start to the year, seeing pre-tax profits rise 14.6% to £72.2m in the six months to 30 July. Turnover rose by 15.3% to f2.6bn.
Chief executive John Allen says the benefits from recent acquisitions, including Fujitsu Logistics, helped offset the impact of a small number of underperforming Continental business units and changes to its pension service. He hopes Exel's acquisition of Tibbett & Britten will help continue this growth .
• TUG says first-half trading was in line with expectations — profit before tax stood at £5.1m compared to £7.4m a year earlier. TDG chief executive David Garman says the first half was lower than the comparable period, due to capital investment costs which rose 19% to E.14m.