Freightliner, the train operator that carries most containers on our rail network, suffered a drop of almost 75% in operating profits during the year to 28 March 2009, according to its annual accounts.
The downturn in profits is attributed by the directors to a "significant reduction" in deep sea port volumes as world trade fell in the wake of the financial crash in the summer and autumn of 2008.
Turnover in the business was static, whiilst costs rose by slightly more than inflation. As a consequence, operating profits fell by 74.8% to £2.3m, compared with £9.2m in 2008. Operating margins fell from 5.7% in 2008 to just 1.4% in 2009. A 15% rise in net interest costs to £2.9m meant that the company recorded a small pre-tax loss.
This business and the rest of the Freightliner Group was acquired in July 2008 by Railinvest Holding Company, itself owned by the Bahrain-based Arcapita Bank.
Financial Report
Freightliner Limited
Results
| Year to | 28 Mar 09 | 29 Mar 08 | Change |
|---|---|---|---|
| Item | £000 | £000 | % |
| Turnover | 161,096 | 161,360 | -0.2% |
| Operating Costs | 158,767 | 152,113 | +4.4% |
| Operating Profit/(Loss) | 2,329 | 9,247 | -74.8% |
| Other Costs/(Income) | 2,929 | 2,547 | +15.0% |
| Pre-Tax Profit/(Loss) | (600) | 6,700 | -109.0% |
| Tax Payable/(Credit) | 2,006 | 1,001 | +100.4% |
| Net Profit/(Loss) | (2,606) | 5,699 | -145.7% |
| Exceptionals | 0 | 0 | - |
| Profit/(Loss) for Year | (2,606) | 5,699 | -145.7% |
Performance
| Year to | 28 Mar 09 | 29 Mar 08 | Change |
|---|---|---|---|
| Operating Profit Margin | 1.4% | 5.7% | - |
| Pre-Tax Profit Margin | (0.4%) | 4.2% | - |
| Return on Capital | (1.1%) | 8.6% | - |
| Return on Assets | (1.5%) | 3.2% | - |
| Dividend Paid (£000) | 0 | 0 | |
| Turnover per employee | £144,222 | £147,092 | -2.0% |
| Pre-tax profit per employee | (£537) | £6,108 | -108.8% |
Statistics
| Year to | 28 Mar 09 | 29 Mar 08 | Change |
|---|---|---|---|
| Staff employed (total) | 1,117 | 1,097 | +1.8% |
| Total Asset Value (£000) | 179,349 | 177,659 | +1.0% |
| Company Net Worth (£000) | 53,683 | 78,086 | -31.3% |
| Capital investment (£000) | 5,084 | 16,321 | -68.8% |
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