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Last Updated: Thursday, 4 March, 2004, 08:10 GMT
P&O sailing back into the black
P & O European Ambassador
P&O sails away from its joint venture with Nedlloyd
Shipping and logistics group P&O has returned to the black at the full-year, but profits have dipped below City expectations.

P&O made a pre-tax profit of 80m, up from a pre-tax loss of 135m last year, but lower than forecasts of 95m.

Last month the company announced its long-awaited partial exit from P&O Nedlloyd, its container shipping joint venture with Dutch firm Royal Nedlloyd.

P&O chairman Lord Sterling said the group had made great progress.

"P&O has made significant progress this year, not only strategically but also in our operating and financial results," said chairman Lord Sterling.

"With the continuing strong growth in world trade, 2004 should see us move further ahead."

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