Firm sees 'downturn opportunity'

The company says it has protected itself from future fuel increases

A Cumbrian haulage firm claims the current economic downturn is an opportunity for it to expand.

Stobart Group, known for its green-liveried lorries, made the optimistic statement as it posted pre-tax profits of £11m for the last six months.

The Carlisle-based company, which has a fleet of 1,850 vehicles and 27 depots, said it had signed contracts protecting it against fuel price increases.

The firm said it expected to continue to buck downward financial trends.

Chairman Rodney Baker-Bates, said: "We now have a balanced business that is delivering an ever-increasing range of transport solutions to a broad and growing client base.

"Despite the current economic climate, we are not experiencing any impact on volumes and are protected in our contracts against fuel price increases.

"Indeed, we expect increasing numbers of both existing and new customers to look to Stobart to meet their urgent need for more cost-effective solutions to their logistics requirements.

"This, along with the breadth and quality of our service offering will, we believe, enable us to continue to grow the group's profitability during these difficult times.

"The Board looks forward to reporting on further progress, including a result for the year as a whole that will be in line with our expectations."