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May 24, 2011

TRUCKING INDUSTRY * UK - Stobart blames winter weather for profits dip

Carlisle,UK -FT, by Andrew Child -May 23 2011: -- Stobart, the UK logistics group famed for its distinctive Eddie Stobart trucks, cited extreme winter weather and difficult economic conditions as it reported an 11.4 per cent fall in full year pre-tax profits to £29.5m... Stobart also highlighted a new £90m 12-month contract with Iggesund, the Swedish board maker, to supply biomass for its Lillyhall plant, following the completion of a buy-out of Biomass, which supplies timber and low-grade softwood to the new generation of minimum-carbon power plants... The company, which operates a fleet of 1,850 lorries, announced earnings per share of 9p down from 11.7p in 2010 and a final dividend of 4p per ordinary share, bringing the total for the year to 6p... Revenue from continuing operations was £500.4m for the year, up 11.8 per cent... The group said the severe December weather had cost it £1.8m and had warned at the time of its interim statement of the likely detrimental effect of government austerity measures such as spending cuts and the rise in VAT to 20 per cent...  (Image from wikimedia.org/wikipedia:   Eddie Stobart lorries on the M6 Motorway, Rugby)

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