Fowler Welch produces double digit growth

Dart Group has announced preliminary results for the year end March 31, 2017. Overall revenues grew 23% to £1,729.3m. Meanwhile, operating profit fell 2% to £103.0m. Overall profit before tax was £90.1m.

The distribution & logistics segment (Fowler Welch) makes up a relatively small proportion of group revenues. It contributed £163.5m in total, up 13.5% on the previous year. Dart Group said this  was as a result of new contracts which commenced in the year.  However, operating profit fell by £0.9m to £4.5m. EBITDA fell 9% to £7.0m. The group said this was due to competitive market conditions, particularly within the ambient sector. Furthermore, a bad debt write off of £0.4m had a negative impact on profitability.

Source Dart Group PLC