Investors vent anger on NFC

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The Independent Online
Directors of NFC, the transport logistics company, had a rough ride from shareholders at yesterday's annual meeting over the group's poor share performance in the past year. And while a positive trading statement by the chairman edged the shares up 5p to 157.5p, the price is still way below the 1996/97 high of 200p.

Sir Christopher Bland, chairman, told shareholders that "market conditions remain challenging, especially in Europe where the group's business has been affected by drivers' strikes in France and Spain. However, we still expect to make further progress during the year."

That did not placate some shareholders. One asked Sir Christopher: "When do you expect our share price to recover?" In reply, the chairman said: "I share your disappointment."

For the year to September 1996 NFC reported a pre-tax profit of pounds 105.2m, up from pounds 38.6m in the previous year.