Interbulk, the specialist operator in bulk chemicals, polymers, food and minerals, saw sales rise nine per cent to £126m in the six months to 31st March but operating profit was down from £9m to £7.3m.
The Liquid Bulk division reported 13 per cent revenue growth from the second half of last year while the tankcontainer fleet grew 8,300 tanks
The Dry Bulk division showed stabilisation with recent signs of improved activity and a 5 per cent revenue growth from the second half of last year.
Chief executive Koert van Wissen said: “The first half of the financial year has seen a return to revenue growth as we achieved financial results in line with our plans and expectations. New business activity and volume growth has improved across key areas of the business.”
German bulk specialist Hoyer recently increased its shareholding in Interbulk to some 23 per cent.
Chairman David Rolph InterBulk warned: The board believe that the current share price substantially undervalues the Group and this view is reinforced by advice taken from professional advisors. Financial stability has been gained through the medium term bank facilities announced last September, and economic conditions have markedly improved.
“The board has noted the purchase of shares by Hoyer GmbH Internationale Fachspedition prior to these results which has increased their shareholding to 23.2 per cent. It remains a concern of the Board that share transactions have continued at low prices. The Board, with its advisers, are examining all options to ensure that true shareholder value is reflected in the share price.”