Numbers just published show that Bollore Transport & Logistics has had a slightly bumpy ride over the first quarter of this year with a fall in underlying revenue of 5% year-on-year. This is hardly surprising as the company's important African markets have been hit by the fall in the price of oil and other commodities. Bollore state that the weaker African markets have been counter-balanced by its forwarding and warehousing business in North America, Asia and Europe. However, it should be noted that Bollore has excellent margins for the sector, with its 2015 year-end numbers showing income as a proportion of sales at 7.3% which edged up over the 12 months despite the difficulties in the African economies.