Axis Intermodal has increased its turnover by more than 75% and promises to invest in the UK and Europe "in a very active manner". The truck and trailer contract hire group, which has completed the restructure of its business to bring its German and UK businesses under one brand, says it intends to more than double its current fleet of trucks and trailers in 2007.
Executive chairman Robert Montague says the com-pany is "very pleased with what we've been able to announce". Audited preliminary
results for the year to December 2006 reveal turnover growth of 76% to £9.1m, from £5.2m in 2005. Pre-tax profit was up 19% on 2005 to £601,000 in 2006. "We've invested a lot into the restructure over the year and those costs hide the margin improvement," Montague says.
"We've had good responses and good contract wins," he adds, telling Motor Transport that the sale of its German swapbody fleet to a German investment fund has meant the company has "a cash surplus in the bank" and just 14% debt against its balance sheet. An additional benefit for Axis from this sale was the development of new relationships with financiers in Germany who have agreed to fund the current expansion of the swap body fleet by 1,300 units, and the trailer fleet by 360 units.
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