Lep predicts big decline in profits
26th September 1991, Page 16
26th September 1991
Page 16
Page 16, 26th September 1991
— Lep predicts big decline in profits
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• Freight forwarding giant Lep is warning of drastically reduced first-half profits. It expects to make just £1.9m in pre-tax profits, compared with £10.4m in the same period last year.
Full-year profits will be "less than half" the £29.4m achieved last year, according to chairman John Read.
Lep is now heavily dependent on its freight distribution business after shifting focus away from its security interests in the US. Read says the decline in profits has continued well after the Gulf War, and he believes the recession has not yet bottomed out.