International contracts boost Unipart’s 2011 performance
Unipart has announced its financial results for 2011. The company reported a 7% year-on-year increase in revenues from continuing operations to £1,007m (10% decline compared to total 2010 revenues).
The company’s operating profits from continuing operations were £28.7m. Its total operating profit of £8.4m included a loss of £20.3m from operations discontinued in 2011.
During 2011, Unipart saw significant growth in its international business including a major contract win in Australia to provide fleet maintenance and logistics service to RailCorp, the state-owned Australian rail corporation. The seven year contract starts in 2012 and is expect to generate £900m revenue.
In addition, the company also opened new offices in Guangzhou and Beijing, China to support the growth of Jaguar Land Rover in the region. Furthermore, new operations were opened in Sanand and Pune in India to support Tata Motors. Unipart also won a contract to provide logistics, warehousing and distribution to Toyota from a site in Bangalore, India.
Commenting on the results, Group Chief Executive John Neill said: "In summary, despite the difficult economic conditions, sales were up in continuing operations by 7%; total Group operating profits were up by 5%; we reduced our borrowings to £15.8m ahead of forecast; and generated £4m in cash, after significant investments in the business, strongly positioning the Group for the future.
"This has given us the confidence to support around £30m investment by our joint venture manufacturing businesses over the next few years and to continue to develop The Unipart Way as a source of enduring competitive advantage for our own company and for our customers."
Quelle: eyefortransport
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