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Posted 06/03/08 00:00
During 2007 the Group performed well compared to 2006, mainly as a result of additional sales activity and a reduction in the group administrative expenses following the closure of the Dartford Head office.
Results
The Group announces pre-tax profits of £0.6m. This compares with pre-tax profits of £0.5m for last year. The profit per share from operations is 6.0p compared to 3.5p for last year. Net debt at the year-end decreased by £1.0m from £6.4m to £5.4m.
Operations
All of our cold stores performed better than last year. However, performance in the second half of the year was restricted by outbreaks of Avian Flu and Foot and Mouth Disease, adversely affecting inbound and outbound movements of stock at several of our sites.
Our ambient site at York opened the year with high occupancy but, as a result of changes in a major customer’s supply chain, storage volume declined resulting in the site currently making a marginal profit. A focused sales strategy has been initiated for the site which we are confident will deliver new opportunities.
The Bury St Edmunds, Wrexham and East Kent sites all secured new business with high throughput which has resulted in the improved performance from these stores.
Dividend
The board recommends the payment of a final dividend of €1.25c per share. Subject to shareholder approval this dividend will be paid on 23 May 2008 to those shareholders on the register on 25 April 2008. This will bring the total dividend in respect of the financial year to €1.25c per share, unchanged from last year.