AB Ports in warning of slower trade

ASSOCIATED British Ports, a bellwether of Britain's trading status in the world, today told investors to expect less exciting growth than last year, warning that general economic conditions remain uncertain.

In a trading statement ahead of the close of its half year at the end of this month, the group, whose interests include Southampton, Hull and Port Talbot, said it will deliver group turnover up by 3% while operating profits will be up 4%, against a rise in profits in 2001 of 8.5%.

It said growth in roll-on-roll-off trade, handling containers and vehicles, and in forest products and steel imports, had been offset by a fall in iron ore and coal imports and a reduction in agribulk volumes.

AB Ports said it will renew its attempts to sell the aviation services division of its Amports business.