Profits up at Norbert Dentressangle
Northampton-based logistics giant Norbert Dentressangle “regained momentum” in 2010, according to its chief executive. The France-headquartered company reported growth across all of its transport and logistics divisions for the year ending 31 December 2010, as sales increased to €2.9bn (£2.46bn).
Revenue at the company grew 4.4 per cent over the 12-month period, during which it acquired two businesses. Schneider Logistics’ freight forwarding activities were integrated within the year and an agreement to acquire North West-based TDG is set to complete by the end of March.
Operating profit before goodwill also grew to €106.3m (£90.2m), up 17.4 per cent on the previous year.
Over the year, consolidated revenue grew 3.4 per cent, with transport revenue up 6.6 per cent and logistics revenue up 0.2 per cent.
Chief executive officer François Bertreau said: "In 2010, Norbert Dentressangle regained momentum. All our transport and logistics activities reported growth in 2010, and the launch of our new freight forwarding business was a success. With the acquisition of Schneider Logistics freight forwarding activities, we are now present in North America and Asia. Tight management practices have also borne fruit, yielding improved profitability and significantly reduced net financial debt.
“Our balance sheet was further strengthened during the year, enabling us to go forward serenely as we complete the acquisition of TDG. In 2011, the integration of TDG will mark a new step in our development, with the extension of our international footprint."
Transport revenue recovered strongly during the year, said the company, as activity levels returned to those experienced in 2008. Logistics revenue recovery was more gradual, with a 2.1 per cent advance in the final quarter of the year.
Norbert Dentressangle said that its priorities for the year ahead included integrating TDG after the acquisition completed, continuing the development of the freight forwarding business and growing earnings.
The acquisition of TDG, which was made for about £196m, will have no impact on profitability before 2012, said the company.
