NFC share price soars after ecommerce plan announcement

NEWS The share price of logistics company, NFC, has this week risen nearly 25 per cent on news that it is to refocus its business and invest in ecommerce. It also announced the re-naming of its business as Exel, reflecting the completion of the sale of its removals business Allied Pickfords over the last quarter. NFC said it was going to invest the proceeds of the sale of Allied Pickfords - almost £300m - in developing its ecommerce operations. It added it was going to expand both its business to business Web-enabled manufacturing support offerings, and its higher profile business-to-consumer ecommerce opportunities. Chief executive Gerry Murphy said that Exel was well positioned for growth as it was ready to benefit from trends towards outsourcing, globalisation and ecommerce. NFC's share price today was buoyant on mid-afternoon trading, up 25p since opening to 273p.