Stobart Group Ltd., a U.K. trucking company, fell to the lowest in two years in London trading after it said the weak economy held back profit growth in transport and distribution.
The shares slumped as low as 118.5 pence, the lowest since October 2009, and at 9:01 a.m. were down 5.3 pence, or 4.2 percent, at 120.6 pence, extending this year’s drop to 16 percent.
“I can’t see things picking up soon,” Chief Executive Officer Andrew Tinkler, said in an interview. “Until the euro situation is resolved, confidence in the world is difficult.”
Stobart, which is based in Warrington, northwest England, is developing its real-estate, airport and alternative energy businesses to supplement its traditional trucking business.
Net income in the six months ended Aug. 31 rose 6.8 percent to 12.5 million pounds ($20 million), or 4.06 pence a share, from 11.7 million pounds, or 4.56 pence a share, a year earlier, Stobart said in a statement today. Revenue increased 15 percent to 281.1 million pounds.