Tibbett & Britten sets ninth profits record

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The Independent Online
TIBBETT & BRITTEN, the storage, transport and distribution group, delivered its ninth year of record profits, making pounds 14.7m before tax in 1992, writes John Murray.

That was a 9 per cent rise on the previous year, on turnover up 28 per cent to pounds 231.8m.

Profits are expected to drive ahead further this year, reflecting a contribution from Silcock, the car distribution business that Tibbett bought in November.

Silcock made no contribution in December, because it is seasonally a bad month for the motor industry, but Clive Anderson, an analyst at Smith New Court, forecast that it would make a full-year contribution of pounds 8.5m.

John Harvey, chairman, said the integration of Silcock was ahead of target. He emphasised the change to the group's mix of business that Silcock will make.

The clothing and textiles division, which includes distribution for Marks & Spencer, will go from 38 per cent of group turnover last year to 23 per cent this year when diluted by Silcock. Silcock will represent 30 per cent of the enlarged group in turnover.

Earnings per share were 10.5 per cent higher at 27.3p and the dividend rises 13.5p to 11.8p.

The shares held at 748p. They have risen from 496p in October.