Paris: Stef, the pan-European temperature controlled-transport land logistics provider reports net income of €17.9m for the first half of the year, up 5.8% on the same period last year.
Consolidated turnover was a little over €1.21bn, an increase of 12.6% (+7.9% on a like-for-like basis) on the first half of 2011. Stef says new contracts and external growth compensated for a business environment affected by the decline in food consumption in Europe.
Stef’s European operations grew buoyed by better results in Italy and acquisitions that included Logirest and Euromerk in Spain, Dispensa in Italy and food catering logistics operations in Portugal. Stef says its logistics business in France coped well with adverse factors such as a low turnover rate of frozen goods due to bad weather, start-up costs of new contracts and higher production costs.
Stef says it is committed to pursuing growth in Europe in order to reach “critical mass” in the countries where it operates.
