April 2 British freight company Stobart Group
Ltd said it would report full-year results moderately
ahead of market forecasts, sending its shares up 7 percent.
The company also said it would do away with its executive
"They thought they needed an executive chairman, and the
board have now decided that they don't, and are looking for a
new chairman who'll be non-executive," a company spokesman said.
Stobart warned in January that full-year operating
performance would be slightly below market expectations as its
transport and distribution business, which accounts for about 90
percent of overall revenue, continued to function in an
Analysts on average were expecting the company to report
revenue of 646.8 million pounds ($985.2 million) and a pretax
profit of 28.9 million pounds for the year ended Feb. 28,
according to Thomson Reuters I/B/E/S.
The company said on Tuesday it had signed a three-year
contract with Tesco Plc, to which Stobart has been
providing services on a pay-as-you-go basis for the past eight
Stobart shares were up 1.55 percent at 82.1 pence at 0731
GMT on the London Stock Exchange. The shares touched a high of
85.75 pence earlier.