Recession Hits Stobart Group

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LONDON -- Stobart (LSE: STOB.L  ) reversed 3 pence to 116 pence in early London trading after the haulage group admitted the "current recessionary climate" had affected its performance during the last six months.

Stobart, which is best known for its 2,000-plus Eddie Stobart lorries, said recent trading within its transport division had been lower than expected. The group's last full-year results showed the transport division producing 80% of total profits.

Stobart added today that, although the majority of the firm's transport business had progressed well, the restructuring of its chilled-delivery fleet alongside bad summer weather had resulted in "some losses".

Today's statement also confirmed Stobart's Biomass division could enjoy "major contracts" later this year. Meanwhile, passengers flying with easyJet and Aer Lingus have continued to grow in number at Stobart's Southend airport.

Today's mixed statement from Stobart may interest income investors, as the company's trailing 6-pence-per-share dividend currently supports a 5% income. Other high-dividend opportunities can be found in this special free report, which reveals the favorite income stocks held by expert yield investor Neil Woodford. You can download the free Neil Woodford report today for a limited time only.

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Maynard does not own shares mentioned in this article. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

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