EXEL (EXL).

Investors Chronicle, March, 2005

Exel is proving critics of its Tibbett & Britten (T&B) acquisition wrong: the integration is going well and cost savings are ahead of expectations. Shareholders were rewarded with a chunky dividend increase and the prospect of a share buy-back later this year. Exel says its strong cash-generation and reduced acquisition spend going forward will make returning cash to shareholders an option. But the company had nothing to say on recent speculation that it could itself be subject to a bid.

After slow organic growth in the first half, momentum accelerated in the last six months, with organic revenue and operating profit growth hitting 13 and 8 per cent, respectively, over the full year. Exel's freight management business increased operating profits by 21.6 per...

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