Weather costs Stobart £1.5m

21st Jan 2011 07:24

Snow and ice on Britain's roads before Christmas has cost logistics group Stobart about £1.5m, although it's still on track to meet reduced profit expectations for the year.The company, famous for its fleet of green-liveried Eddie Stobart lorries, says its performance continues at a rate "significantly" ahead of the same period last year, and that most of its revenue expectations for the next financial year have already been secured.Stobart cut profit expectations in October to the bottom of the market's range due to reduced spend by Network Rail and higher finance costs.But today it said both revenue and profitability was expected to grow over the coming months at its transport and distribution operations.Results for the year ended 28 February 2011 are out on 11 May.