Acquisitions boost Norbert Dentressangle income
Logistics giant Norbert Dentressangle said its acquisition of transport company TDG has helped boost its turnover to more than £1.5bn for the first six months of the year. The Northampton-based business attributed its growing revenues, which rose by nearly a third in the six months to 30 June, to its acquisition strategy.
Group net income also grew by 58 per cent to £27.2m, compared to its result of £17.2m in the first half of 2010.
Norbert Dentressangle purchased Manchester-based TDG in March this year in a deal worth about £196m, after consolidating its previous acquisition, Schneider Logisitics, in November 2010.
It also announced plans to buy China-based frieght company APC Beijing International, which has annual sales of about £44.3m, in July this year.
Revenues for the six-month period hit £1.51bn, a rise of 29.1 per cent on a published basis and up 6.6 per cent on constant exchange rates, said France-based Norbert Dentrassangle.
Chief executive Francois Bertreau described the company's performance as "satisfactory" and said its sales rise stemmed from "continued organic growth momentum and the consolidation of TDG as of 1 April 2011".
Operating profit before goodwill (EBITA) grew 30 per cent to £52.2m, up from £40.1m at 30 June 2010.
The transport division's operating profit totalled £23.7m, up from £17.9m at 30 June 2010, with revenue up by 8.1 per cent on a like-for-like basis.
Operating profit in the company's logistics sector totalled £27.9m, up from £22.6m last year.
Freight forwarding revenue "advanced rapidly" since its in January 2010, said the company, as it benefitted from the consolidations of Schneider Logistics and TDG.
Bertreau said: "The first half of 2011 was satisfactory for Norbert Dentressangle in many respects. Firstly, we maintained strong growth momentum both internally and externally with the integration of TDG.
Secondly, profitability grew for all our activities, with significant improvement made by businesses in our historical scope of consolidation.
"Lastly, with the acquisition of China-based APC Beijing International, we continue to invest in our new freight forwarding activity, which now has attained significant size in its market. At the same time, we remain watchful of changes in our customers' business activity, with the full capacity to adapt to new realities, if required."
