Profits boost for TDG

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TDG produced a “significantly improved” financial performance in 2008 with underlying operating profits increasing by 31 per cent to £26.8m on revenues ahead 10 per cent at £733.1m, according to parent company Douglas Bay Capital.

For the three-month period of 2008 under DouglasBay ownership, underlying operating profits totalled £10.3m on turnover of £176.1m.

Douglas Bay Capital was incorporated in May last year under the name LIT as a vehicle for the takeover of TDG which was completed on 1 October.

Chief executive Alex Paiusco said: “We are very pleased with TDG and its management team, which is on course to realising our vision of transforming TDG into Europe’s most successful provider of specialised supply chain services.

“We are also on track to enhance and realise value from the extensive property portfolio the group owns following the acquisition of TDG. For a value investor like us this is a very exciting environment. As an investment holding company with no management or performance fees, our interests are fully aligned with those of our shareholders.

Since the year end, Mike Branigan has taken sole responsibility as chief executive and a new finance function has been established, led by Geoff Bicknell.

The group said that a further strong performance over the full year in business development, with new business wins up 13 per cent at £115m. Major awards from Aggregate Industries and Vtech further confirmed TDG’s growing reputation as a leader in large-scale supply chain management contracts.

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