Norbert Dentressangle has posted what its chief executive calls "satisfactory" results for 2009, despite the fact pre-tax profit and turnover both slid.
Pre-tax profit tumbled 15% to €50.9m (£46.2m) last year from €59.7m (£54.2m) in 2008. Turnover was down 12.5% to €2.71bn (£2.46bn) from €3.1bn (£2.8m).
However, during the same period, recurring operating profit rose to €87.9m (£79.8m) from €78.9m (£71.6m).
In its transport business, the company says the decline in margin from lower sales was significantly offset by a 14% cut in the vehicle fleet, coupled with the curtailed use of sub-contractors and reduced overheads. Net debt was also reduced to €445m (£404m) from €553m (£502m).
François Bertreau, Norbert Dentressangle CEO, says: "The business was severely impacted by the recession. Thanks to cost-cutting measures, we were able to report satisfactory results in a difficult period."
He adds: "For 2010, in the absence of a real economic recovery, we remain watchful so as to maintain our competitive footing, while continuing to launch fruitful initiatives for future growth, such as our recently introduced freight forwarding activity."