Monday, September 20, 2010
Culina Logistics Increases Turnover by C. 25%
2:14 PM | 
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Culina Logistics the leading provider of supply chain services to food and drink companies in the UK, has announced a circa 25% increase in turnover for the last financial year, despite the tough economic conditions.
Turnover was up from £97.285m to £121.431m in the financial year ending December 2009, reflecting the fact that Culina Logistics secured 25 new accounts over the 12 month period. Operating profit was £1.578m, down from £2.240m the previous year due to significant investment in the expansion of business during the 12 months with the opening of a new Bristol depot and the acquisition of Wincanton Chilled Ltd.
Says Thomas van Mourik, Chief Executive of Culina Logistics: “This was a challenging year, operating in one of the worst economic environments in the UK for a long time. However we successfully delivered on our expectations in terms of turnover, profit and cash flow."
“It was a year of significant investment for the company, including the acquisition and integration of the Wincanton chilled business. The decision to buy Wincanton Chilled has been proved to be the right one and we have now maximised synergies between the two operations and eliminated all transition costs."
In summary, van Mourik added: “Significantly these results demonstrate the financial strength of our business, providing complete peace of mind to our customers at a time of great economic uncertainty. Not only are we increasing revenues and returning a profit, our debt is very low and we continue to invest in the business to help drive further efficiencies in the supply chain for the benefit of our customers."
“As to the year ahead we are cautiously optimistic as we expect to see the return on investment in the acquisition and integration of Wincanton’s chilled business. We will also continue to drive efficiencies through our own operations recognising the pressures our customers are under to reduce supply chain costs and so that we remain resilient to the continuing challenging economy.”
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Turnover was up from £97.285m to £121.431m in the financial year ending December 2009, reflecting the fact that Culina Logistics secured 25 new accounts over the 12 month period. Operating profit was £1.578m, down from £2.240m the previous year due to significant investment in the expansion of business during the 12 months with the opening of a new Bristol depot and the acquisition of Wincanton Chilled Ltd.
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| Thomas van Mourik Chief Executive, Culina Logistics |
Says Thomas van Mourik, Chief Executive of Culina Logistics: “This was a challenging year, operating in one of the worst economic environments in the UK for a long time. However we successfully delivered on our expectations in terms of turnover, profit and cash flow."
“It was a year of significant investment for the company, including the acquisition and integration of the Wincanton chilled business. The decision to buy Wincanton Chilled has been proved to be the right one and we have now maximised synergies between the two operations and eliminated all transition costs."
In summary, van Mourik added: “Significantly these results demonstrate the financial strength of our business, providing complete peace of mind to our customers at a time of great economic uncertainty. Not only are we increasing revenues and returning a profit, our debt is very low and we continue to invest in the business to help drive further efficiencies in the supply chain for the benefit of our customers."
“As to the year ahead we are cautiously optimistic as we expect to see the return on investment in the acquisition and integration of Wincanton’s chilled business. We will also continue to drive efficiencies through our own operations recognising the pressures our customers are under to reduce supply chain costs and so that we remain resilient to the continuing challenging economy.”
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