NFC Reports Improved Profit, Changes Name

NFC Reports Improved Profit, Changes Name    NFC, the large British logistics group that owns Exel Logistics, reported improved profit results for its fiscal year ending Sept. 30.
   Annual net income increased 13 percent to '62 million ($99 million). Operating profit before exceptional items rose 8 percent to '131 million, on an eight percent increase in group revenue to '2.51 billion. Excluding Allied Pickfords, a home moving operation sold in November, revenues from continuing operations were '1.8 billion, up 12 percent.
   NFC reported that Exel’s European operations produced annual revenue of '1.31 billion, up 8 percent, with an operating profit of '57 million, up 13 percent.
   Exel’s activities in the Americas and Asia-Pacific generated revenues of '491 million, up 24 percent, and an operating profit of '24 million, up 11 percent.
   Following the disposal of Allied Pickfords, NFC said that it will focus exclusively on the development of Exel in the global supply chain services market. NFC said it plans to rename itself Exel plc, to reflect the concentration of activities.