The Stobart Group Ltd. (STOB.LN) announces that its initial profit forecast for the year must be adjusted to cuts of the Network Rail budget. Nevertheless, the UK logistics and transport company group expects the yearly profit to exceed last year’s incomes.
Predictions about the exact earning level, expected at STOB.LN, are unknown. Nevertheless, Andrew Tinkler, Chief Executive, says: "We still expect the full-year to be significantly ahead of last year. Expectations in the market were pretty racy anyway but rail has been kicked by the Network Rail cuts and things like VAT rising mean we're just being a bit cautious."
The STOB.LN group includes Stobart Air, Stobart Rail and Stobart Ports. The group already accounts for a pretax profit of GBP34 million in 2010. Whereas revenues at Stobart Air and Stobart Ports rose, Stobarts rail had to face a revenue decrease from GBP30 to GBP26 million.
The company regards its international spread as clear advantage as it can outbalance government decisions in the UK that have negative consequences on their domestic operations. Furthermore, the group benefits from its varied operations in many different transport sectors. Ben Whawell, Finance Director of the cooperation declares: "Having a little bit of a presence in every sector helps."
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