AMSTERDAM--(BUSINESS WIRE)--On 9 March 2018, TIP Trailer Services releases its 2017 annual report. In his letter to stakeholders, Bob Fast, CEO, drew attention to strong underlying trading performance in growing markets, as well as to the business’s 50 year anniversary:
“We had another year of strong execution, growing revenue by 19%, at constant exchange rates, achieving our goal of €500m revenue. We successfully leveraged our scale to improve our contribution and EBITDA margins by 3% and 5% respectively and grew our operating profit by 32%. We continue to retain and attract new customers while improving our operational delivery. During the past half century we have been dedicated to making a positive impact on the customers we serve, the people in our teams, our trusted partners, the industry for which we care passionately about and the communities and environments in which we live. We are looking forward to another successful 50 years ahead of us.”
In his review on financial performance, Malachy Mc Enroe, CFO, focusing on financing and costs added:
“On the back of excellent trading results in 2017, we took advantage of favourable financing markets to further expand our liquidity while reducing cost and diversifying our funding. These actions position us well for strong growth in the coming years, protect our balance sheet and provide flexibility”
The full TIP Trailer Services annual report is available at:
https://www.tipeurope.com/about-us/annual-report/
Forward looking statements
This press release and the annual report contains certain forward-looking statements, estimates and projections which are subject to significant risks, uncertainties and assumptions concerning both business and external economic factors and as such are difficult to predict. Actual results will vary from the anticipated results and such variations may be material. The information has been provided in good faith using information available up to the date the annual report was approved by the Board of TIP Trailer Services on 23 February, 2018. TIP Trailer Services, its directors and senior leadership team give no assurances that these expectations will prove to be correct. Except as required by law or regulation, TIP Trailer Services, its directors and senior leadership team undertakes no obligation to update any forward looking statements whether as a result of new information, future events or otherwise.
About TIP Trailer Services
Headquartered in Amsterdam, the Netherlands, TIP Trailer Services is one of Europe and Canada’s leading equipment service providers, specialising in trailer leasing, rental, maintenance and repair, as well as other value added services and provides these to transportation and logistics customers across Europe and Canada. TIP services customers from 84 locations spread over 17 countries in Europe and Canada.