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AutoLogic rides rough year

Vehicle logistic services supplier AutoLogic has said it will focus on its core business after releasing preliminary results for the year to December 31.

After what it calls a year of “significant restructuring and positive transformation”, the company showed an increase in revenue of 4.4% to £254.7 million (2005: £243.9 million) and operating profit for continuing operations (before exceptional items and excluding other operating income) increased by 4.1% to £10.2 million (2005: £9.8 million).

Profit before tax (before exceptional items and excluding other operating income) decreased by 8.7% to £6.3 million (2005: £6.9 million).

Highlights of the year included the completion of the sale of Walon France and of Spanish freehold property for £8.7 million (final payment of £4.8 million received in January 2007) generating net profit of £2.1 million, plus the closure of the London head office together with other group cost initiatives resulting in annual savings of £1.2 million.

Neil Johnson, chairman, said: “With the difficulties of the recent past behind us, we are fully focussed on further improving the profitability of our core businesses and also believe that there are a number of medium-term opportunities open to us. Initiatives implemented over the past year are now delivering results and we are confident that with a restructured business and a strengthened balance sheet, we can build on these achievements.

“Trading in the first quarter of 2007 has been in line with expectations and, in the UK, sales of new cars are approximately 3% ahead of the same period in 2006. With the difficulties of the recent past behind us, we are fully focussed on further improving the profitability of our core businesses and also believe that there are a number of medium-term opportunities open to us.

“The automotive sector continues to be a demanding environment and one where customers’ requirements are constantly evolving. We see opportunities not only as the sector consolidates but also as our customers demand a broader range of services. AutoLogic is well placed to capitalise on these opportunities with its geographic coverage, transporter fleets, sector-leading IT systems and experienced management team. Initiatives implemented over the past year are now delivering results and we are confident that with a restructured business and a strengthened balance sheet, we can build on these achievements.”

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