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TOG buys IWT Worldwide

9th August 2001, Page 6
9th August 2001
Page 6
Page 6, 9th August 2001 — TOG buys IWT Worldwide
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Which of the following most accurately describes the problem?

• Transport giant TDG has acquired Irish logistics firm IWI Worldwide Logistics in an £11.7m deal. But, while the move underlines the group's expansion into Europe, it is still predicting tough times ahead.

TDG has seen volumes tighten over the last three months, particularly in its storage and dstribution division. Chief executive David Garman says TOG will now move away from unprofitable spot haulage towards contract-based work.

Garman warns: We are not expecting conditions to get any easier, but barring any significant change we would still expect our full-year results to be in line with expectations."

Overall, the group reported headline profit before tax for the six months to June 30 up I% at £11m. Turnover rose from 1213.7m to £250.9m.