Hargreaves Services has warned that its transport division’s operating profit may fall by £500,000 this year due a decline in the coal, steel and construction markets. The warning came in a pre-close update issued by the County Durham-based company this week. It said that the continuing deterioration in the coal and steel markets and unusually warm winter weather had created short term volume and margin pressure across the group. Breaking the business into sector performance it said the transport division, […]
Share prices in the industry have not changed dramatically since last week. Most have seen a small increase in value, apart from Stobart, which saw its share value remain static.
Hargreaves Services is to “ration” expenditure in its logistics division after it suffered a 91% fall in operating profit last year due to competitive pressure.
They told us it would happen: in April 2012, advisory firm KPMG predicted a flurry of mergers and acquisitions in the logistics and distribution sector during the year… and that’s exactly what we got. Top of the pile in terms of the most noteworthy was undoubtedly the UPS/TNT Express merger announced in March and set to create a £37bn turnover logistics giant. The takeover was described at the time by TNT Express chief executive Marie-Christine Lombard as a move that […]