TIBBETT & BRITTEN’s FIRST-HALF PROFIT FALLS

TIBBETT & BRITTENÆS FIRST-HALF PROFIT FALLS    The Tibbett & Britten Group, a U.K.-based logistics service provider, said its profit before tax during the first six months of 2002 fell 8 percent to '8.8 million ($13.8 million), down from '9.6 million for the same time period of 2001.
   Revenues in the first half of 2002 increased 7 percent to '736.7 million ($1.15 billion), up from '686.1 million in the first half of 2001.
   Mike Arrowsmith, the group’s chief executive officer, said that revenues increased 3 percent in the Americas, to '300 million ($469.5 million); 11 percent in the United Kingdom and Ireland, to '295.5 million ($462.5 million); 8 percent in mainland Europe, to '105.6 million ($165.3 million); and elsewhere, including Asia, by 19 percent to '35.3 million ($55.2 million).
   Tibbett & Britten’s business in Saudi Arabia and South Africa improved during the first half of the year. In Asia, the group’s joint venture in China with Hutchison Whampoa “is growing strongly,” Arrowsmith said.
   “As usual, the full year’s results will be weighed towards the second half, given both seasonality and the rising contribution from new business and start-ups,” said John Harvey, the Group’s executive chairman.