TIBBETT & BRITTEN REPORTS RISES IN PROFITS, REVENUES

TIBBETT & BRITTEN REPORTS RISES IN PROFITS, REVENUES

   Tibbett & Britten Group plc, the U.K.-based international logistics service provider, reported an 11-percent increase in operating profits for 1999 and a 15-percent jump in consolidated revenues.

   Group operating profit for 1999 was '38 million ($62), as compared to '34 million in 1998. Profit before tax rose 12 percent, to '31 million ($51 million).

   Consolidated revenues were up 15 percent last year, increasing to '1.3 billion ($2.1 billion).

   Tibbett & Britten said that its two core markets – Europe and North America – represented nearly 98 percent of total 1999 income. “The North American business delivered an excellent performance, with revenues up 23 percent,” the company said.

   Tibbett & Britten’s North American business produced an operating profit of '9 million ($14 million) in 1999, on revenues of '417 million ($680 million).

   The British logistics group said that it is now the seventh largest logistics business in the world and employs 31,000 people in 32 countries on five continents.