NFC ANNOUNCES HIGHER PROFIT, NAME CHANGE
NFC, the large British logistics group that owns Exel
Logistics, reported higher profit results for the year to Sept. 30, 1999.
The group said that it plans to rename itself Exel plc, to reflect the
concentration of its activities on Exel, its core supply chain business.
For the year ended Sept. 30, operating profit before exceptional items rose by 8 percent,
to '131 million ($210 million.
Net earnings increased by 13 percent, to '62 million ($99 million).
Group revenues were up 8%, to '2.51 billion ($4.03 billion). Excluding Allied Pickfords,
the house moving business sold in November, revenues from continuing operations were '1.8
billion ($2.88 billion), up by 12 percent.
NFC reported that Exel’s European operations produced annual revenues of
'1.31 billion ($2.1 billion), up 8 percent, with an operating profit of '57 million ($91
million), up 13 percent.
Exel’s activities in the Americas and Asia-Pacific generated revenues of
'491 million ($786 million), up 24 percent, and an operating profit of '24 million ($38
million), up 11 percent.
Following the disposal of Allied Pickfords, NFC said that it will focus
exclusively on the development of Exel in the global supply chain services market.
Exel expects to benefit from continuing outsourcing, globalization and
e-commerce, the company said.