Problems in the Americas hit Tibbett & Britten’s profits
U.K.-based international logistics service provider Tibbett & Britten Group plc saw its operating profit decline 15 percent in 2003 to '22.4 million ($40 million), as its activities in the Americas suffered an operating deficit.
The company’s Americas operations lost '1.2 million ($2 million) in 2003, compared to an operating profit of '8.3 million in 2002. Tibbett & Britten said the results reflected “an unsatisfactory performance in the second half in North America and Mexico.” It added that it has taken steps to improve the financial performance of the regional unit, and predicted a recovery of its operations in the Americas.
The company’s three other regions — the United Kingdom, mainland Europe and “the rest of the world” — all reported higher profits for 2003.
Group-wide revenue rose 8 percent in 2003 to '1.6 billion ($2.9 billion). Revenue from the Americas declined 1 percent to '596.6 million ($1.1 billion), although Tibbett & Britten said the region had a 2-percent increase in revenue at constant exchange rates.
Group pre-tax profit rose '2.2 million ($4 million) last year to '15.5 million ($28 million), as 2002 was affected by exceptional costs.
Monday another U.K.-based international logistics service provider, Exel plc, said its net income fell 12 percent to '97 million ($173 million) in 2003, as its freight management results weakened in the Americas.