No holding them back
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SHARES IN the majority of leading logistics companies have continued to rise during the past month, buoyed by continued consumer spending and economic growth. Concerns that the Bank of England would raise interest rates by a quarter point to 4.25% increased after figures showed that consumers are still borrowing and that the manufactur
ing sector is on the up, despite the strength of sterling. Exel
Shares fell to a low of £5.04 in March 2003 but have since climbed to over £7 after it made a strong start to 2004, securing over £200m of new business in the first quarter. Exel plans to recruit 1,000 employees for its new B&Q contract in Worksop; its five-year deal with pub operator Wetherspoon will create 250 new jobs in the Daventry area. Wincanton
Shares fell last June to £1.65 but have risen again on the back of a £50m cost-cutting plan. The firm managed a stronger financial performance in the second half of the year and expects to fulfil market expectations. Christian Salvesen
Shares have fallen nearly 15% over the past two months after the group issued a profit warning. It will incur a one-off pre-tax charge of £3m in 2004 following problems at its pea processing plant; as a result it expects to end the year below market expectations. Christian Salvesen continues to restructure its UK business and has already cut its costs. ITIG
Shares have continued to rise sharply after strong first-half results. Tibbett & Britten
Shares fell in March after news that profits had fallen £3.9m to £22.4m despite an 8% rise in turnover. But they recovered in April after it won a number of new deals including a multi-million-pound contract with Carrefour in Spain. Dart Group
Shares have risen steadily over the past month to £1.39 after the firm reported that trading is in line with expectations and progress has been made in merging its distribution divisions, Fowler Welch Coolchain and Channel Express.