TDG profit and turnover rise
TDG has reported an increase in profit and turnover for the first six months of 2008, despite being involved in takeover speculation for much of the period. Operating profit in the half year to 30 June rose 15% to £9.2m, up from £8m in the first six months of 2007. Pre-tax profit increased to £6.9m from £5.8m in the corresponding period last year - a rise of 19%. Turnover was up 16%, from £319.4m to £371m.
In February, private equity firm Laxey Partners - which already owned 22% of TDG's issued share capital - announced an indicative cash offer of 275p for the company. In May, Wincanton revealed its intention to make an indicative cash offer for TDG at a value of 281.25p per ordinary share, or 290p when the dividend of 8.75p was included.
