TIBBETT & BRITTEN CONTINUES FINANCIAL GROWTH

TIBBETT & BRITTEN CONTINUES FINANCIAL GROWTH    Tibbet & Britten, a London-based logistics service provider, reported improved earnings for 2000, with strong growth in the Europe and North American markets.
   Profit before tax, goodwill and exceptionals rose 9.5 percent to #34.6 million ($51 million), while operating profits before exceptional items and goodwill amortisation increased 12 percent to #42.9 million ($63 million). Revenue rose 15 percent to #1.5 billion ($2.2 billion), the 17th consecutive year of growth.
   “North America delivered another excellent performance, with revenues up 22 percent and profits up 45 percent,” said John Harvey, group chairman and chief executive officer. “In difficult market conditions, the U.K. and Irish business also met expectations, with revenues increasing 11 percent and operating profits slightly ahead of last year. In mainland Europe, revenues increased by 57 percent and profits were up 44 percent. International division revenues also increased by more than 50 percent and the division returned to profitability following a turnaround in the South African business.'
   The company said Tuesday it will dispose of “underperforming and non-core assets” and focus on core markets in Europe and North America to boost shareholder value.
   “At some future date, this strategy will lead to the disposal of Axial,” Harvey said.
   Axial is Tibbett & Britten’s car distribution business, which recently lost a Ford contract worth '60 million ($88 million). Axial accounted for 15 percent of the overall group’s operating profit, and 11 percent of its revenue.