Salvesen blames diesel costs
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• Christian Salvesen, the Northants-based logistics group, has issued a profits warning blaming the high price of diesel for its downturn in fortunes.
Last week the group reported that it had increased turnover by almost 7% for the six months to end of last September, but pre-tax profits were down 2.4% to £20.7m before exceptional items.
The company blames the high price in fuel, particularly on the Continent where it now derives 45% of its business.
Christian Salvesen particularly highlighted a three-day stoppage across Spain last year which put every CV in the country off the road. Christian Salvesen chief executive Edward Roderick describes this period as "frustrating" but says diesel price rises had less effect on its results in the UK, where it is able to pass on fuel increases to 80% of it customers.
• Paul Carvell, the director responsible for Salvesen's European industrial logistics division, has resigned to take up a position with another company.