Poor results from POETS
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P&O joins the ever-lengthening list of major transport companies posting poor results for its road transport businesses: P&O European Transport Services recorded a 17% fall in operating profit. POETS—comprising P&O Distribution, Roadtanks, Ferrymasters, Pandora and Rhenania—was the second worst performer in P&O's total transport and property portfolio. For the six months to 30 June 1994, POETs increased turnover compared to the same period last year but operating profit fell to £7.6m from 29.2m. "Rates were generally weak and results consequently fell short of last year," says P&O."
P&O Ferries carried 34% more freight units and increased operating profit by 131% to £26.6m P&O joins both NFC and the Transport Development Group in publishing fiat transport results, while the economy shows signs of improvement.