Stobart hit by the recession

Warrington, UK: Logistics group Stobart warned its transport division has been hit by the recession, but it remains confident it will deliver “significant” value for shareholders.

Stobart said it had continued to follow its strategy and remained confident it would deliver significant shareholder value. The restructuring of its chilled business alongside bad summer weather had resulted in some losses for the chilled fleet, but the current restructuring will result in a more streamlined business for the future, Stobart said.

But it added that the recession had an ongoing affect slowing growth in the transport sector, with the results that its short-term performance in transport was lower than market expectations.

Stobart said long-term expectations across the business remained robust and the majority of the transport business had progressed well.