Paris, France: Stef, a European temperature-controlled logistic provider, reported pre-tax profit up 10.4% to €52.2m for 2011.
Revenue was up 11.8% to €2,300.3m, despite a slight drop in food consumption in countries where it operates, driven by gains in market share, the acquisition of three companies and new contracts during the second half of 2011. Pre-tax earnings (EBITDA) were up 0.5% to €163.4m.
“With the strength of a single brand, Stef entered the year 2012 with confidence. The carry-over of big logistics contracts signed in 2011 across Europe should enable the group to further increase its operating income,” the company said in a statement.
The board proposes a dividend payment of a €1.38 per share, up 10.4% on last payment’s payment, an increase in line with the rise of the group’s net income.
From July the functions of chairman and managing director will be separated: Francis Lemor will remain chairman of Stef, Bernard Jolivet will remain vice-chairman, Jean-Pierre Sancier, presently managing director of the logistics arm of Stef, will become group managing director. Three deputy managing directors will be Serge Capitaine, in charge of sales and marketing, Bruno Duquenne, in charge of European business, and Stanislas Lemor, in charge de of administration and finance.
