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AutoLogic reports interim profits up 8%

Vehicle transportation provider AutoLogic has reported a growth in pre-tax profits and turnover on last year in its interim report.

To June 31 overall profits have improved on the first six months of 2000 by 8.7% to £7.5m from £6.9m on turnover up from £103.8m to £133.5m.

In its UK operations alone profit was down from £5.6m to £5.3m, while turnover was up from £89.5m to £94.9m.

Another key part of the interims was the announcement by the company that its planned acquisition of Renault's logistics business, in partnership with TNT and Wallenius, has received clearance from the EC competition authorities and formal completion of the deal took place on July 21.

Reg Heath, AutoLogic chairman, said: “Our existing businesses continue to trade in line with our expectations. The automotive sector continues to consolidate and we are closely monitoring developments in order to ensure that we optimise opportunities as they present themselves.”

He added that results for its vehicle distribution businesses were ahead of last year, with volumes remaining high.

“In the UK, key contracts with BMW, Fiat and Toyota have been renewed. Our UK distribution brokerage business continues to grow and plays a significant role in procuring fleet resources to meet peak demand,” Mr Heath said.

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