P&O Trading Statement
LONDON (AFX) – Peninsular & Oriental Steam Navigation Company said trading
remains consistent with comments made in the third quarter trading update for
its ports, logistics and ferries businesses and the third quarter trading and
financial results for P&O Nedlloyd, which were both announced on Nov 14.
P&O’s preliminary results for the year to Dec 31 2002 will be announced on
March 6 March 2003.
Prior to the commencement of the close period preceding the announcement,
P&O will be providing analysts with an opportunity to meet senior management.
P&O said the potential disposal of its Trans European logistics business is
proceeding as planned.
It also said plans for the introduction of a new organisational structure
within P&O Ferries are progressing more rapidly than expected.
The overhaul may lead to cost savings of at least 15 mln stg by the end of
2003, and the restructuring will cost approximately 15 mln stg, the company
said.
It said it is likely that about 5 mln stg of these costs will be included
within the Ferries business’ 2002 results, with the remainder in 2003.
