Growth for STEF

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European cold logistics firm STEF has reported growth in 2011, despite a slight drop in food consumption in countries where it operates.

Its 2011 EBITDA rose by 0.5 per cent on the 2010 figure, and operating profit rose by 5.6 per cent to 85.2 million euros in the same period.

It says its accounts were impacted by an increase in labour costs due to a change in government rules, by the imposition of a new mandatory profit-sharing scheme, and by higher overheads and taxes on businesses.

STEF expects that carry-over of big logistics contracts signed in 2011 across Europe should enable it to further increase its operating income in 2012.

Earlier this year the group sold three real estate assets and bought a Spanish fresh and frozen storage company, and took a 34 per cent interest in a cold storage company in Auvergne, France.
* Jean-Pierre Sancier, currently managing director of the logistics arm of STEF, will become group managing director.

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