POETS blames Continental drift
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• Economic recession on the Continent has been blamed for disappointing results posted last week by P&O European Transport Services.
The transport arm of the Peninsular and Oriental Steam Navigation company has returned a £19.8m operating profit for 1993-14.6m down on the previous year. Turnover "increased" on the 1992 figure.
Prospects continue to be tough for the company in 1994 with little hope of radical improvement in the performance of its Continental businesses.
France and Germany were POETS toughest countries last year because of the recession and recently deregulated transport markets. In the UK—which now accounts for less than half of turnover—there was a "steady growth".
POETS marketing manager Rod Burns says: "In the UK we're seeing confidence coming back, but slowly, and it is happening later in the rest of Continental Europe."