Salvesen sees year profit 20% below forecast

LONDON, Feb 19 (Reuters) – British logistics group Christian Salvesen Plc said on Wednesday its results for the year to end-March would be around 20 percent below current market expectations.

“Whilst significant progress has been made in winning new business, in increasing efficiencies and in lowering the group’s cost base, the benefits of these actions have been insufficient to offset the inflationary effect of the cost increases, the impact of which has been magnified by the difficult prevailing economic conditions,” the company said in a statement.

Christian Salvesen also said it would likely pay a final dividend, but it might not be at last year’s level.