Norbert Dentressangle maintains strong growth momentum

The strong performance stemmed from continued organic growth momentum and the consolidation of TDG as of April 1, 2011. The TDG consolidation had a positive impact on Transport revenue, up 17.7% on a published basis and up 8.1% like-for-like, as well as Logistics revenue, up 21.9% on a published basis and up 4.3% like-for-like. Freight forwarding revenue has advanced rapidly since the launch of the activity in January 2010, benefiting from the successive consolidations of Schneider Logistics in November 2010 and TDG in April 2011.

Operating profit before goodwill (EBITA) advanced 30% to €58.9m, up from €45.3m at June 30, 2010. Norbert Dentressangle’s H1 2011 consolidated operating margin came to 3.4%, compared to 3.2% for the same period in the previous year. The improvement in operating margin was particularly significant in terms of the historical scope of activity, where margin reached 3.7%.

Transport operating profit totalled €26.8m, up from €20.2m at June 30, 2010, with operating margin increasing from 2.5% in H1 2010 to 2.8% at June 30, 2011. Operating margin on the historical transport business scope came to 3.2%, notably as a result of the transport distribution activity in the UK reaching breakeven.

Logistics operating profit totalled €31.6m, up from €25.6m in H1 2010, with operating margin totalling 4.3%, in line with the performance in H1 2010.

The new freight forwarding activity reached critical mass during the period with the acquisitions of Schneider and TDG, and initiated a breakeven trend. TDG, which was consolidated as of April 1, 2011, contributed €2.5m to consolidated operating profit before goodwill (EBITA), after taking into account restructuring costs.

Chief Executive Officer François Bertreau said, "The first half of 2011 was satisfactory for Norbert Dentressangle in many respects. Firstly, we maintained strong growth momentum both internally and externally with the integration of TDG. Secondly, profitability grew for all our activities, with significant improvement made by businesses in our historical scope of consolidation. Lastly, with the acquisition of China-based APC Beijing International, we continue to invest in our new freight forwarding activity, which now has attained significant size in its market. At the same time, we remain watchful of changes in our customers‘ business activity, with the full capacity to adapt to new realities, if required."

In July 2011, Norbert Dentressangle signed an agreement to acquire APC Beijing International, a Chinese freight forwarding company with full-year sales of approximately €50m. The company expects to consolidate APC as of Q4 2011. The acquisition further strengthens Norbert Dentressangle’s medium-term prospects for achieving annual freight forwarding sales of €250m.

Quelle: eyefortransport
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