News

A £56m contribution to its pension fund wiped out any pre-tax profit at the retail and grocery haulage specialist Gist in 2006. The firm, whose former parent BOC sold it to Linde in September 2006, still operates a final-salary pension scheme, although it has closed this to new members.

Gist, which is based in Basingstoke, boosted its turnover from £316m in the year to 30 September 2005 to £443m in the 15 months to 31 December 2006. It has changed its financial reporting date in line with Linde's practices.

Largely because of the pension contribution, a £29m pre-tax profit in 2005 turned into a £29m pre-tax loss in 2006, but this seems likely to be reversed again in next year's accounts. A spokesman claims: "We are in a very healthy position." Gist, whose customers include Marks & Spencer, British Airways and Carlsberg, says it will continue to work for foods, drink,  retail and group related companies.